June 3, 2003, Quebecor World Inc. announced the results of its Dutch auction substantial issuer bid that it had previously announced on April 24. 33,084,971 subordinate voting shares were deposited under Quebecor World’s offer to purchase up to 10 million of its shares at a price no greater than $27 per share nor less than $24 per share. A total of 10,248,044 shares were deposited by auction tender at $24 per share and by purchase price tender. Quebecor World determined that the purchase price for the issuer bid would be $24 per share and it repurchased, paid for and cancelled 10 million shares on June 6. The total consideration paid by Quebecor World for the repurchased shares was $240 million. The substantial issuer bid was made in both Canada and in the U.S. and was commenced by the mailing of an issuer bid circular to Quebecor World’s securityholders on April 28.
Quebecor World was represented in Canada by Ogilvy Renault, with a team that included Marc Lacourcière, Dominique Fortin and Elliot Shapiro (corporate, securities) and Jules Charette and Éric Gélinas (tax) in Montreal; and in the U.S. by Arnold & Porter, with a team that included John Willett and Lily Lu (corporate, securities) in New York, and Michael Rufkahr and Joy Taylor (tax) and Mary Cassidy and Joel Gulick (employee benefits) in Washington, D.C. The Canadian dealer manager for the issuer bid, Scotia Capital Inc., was advised by Christine Desaulniers and Benoît Dubord (corporate, securities) of