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World Color to redeem convertible preferreds in connection with merger
By Angela McDaniels
Tacoma, Wash., Jan. 26 - World Color Press Inc. plans to redeem its $100 million of convertible preferred stock in connection with its upcoming acquisition by Quad/Graphics, Inc., according to a 425 filing with the Securities and Exchange Commission.
Each preferred has a liquidation preference of $8.00 and is convertible into one share of common stock. World Color stock closed at $9.50 (Toronto: WC.U) on Monday.
The company said it expects most of the preferreds to be converted. Any that are not converted will be redeemed for $8.00 each.
Quad/Graphics will be providing at least $93.3 million to World Color to fund the redemption of the preferreds and any other equity securities not converted to common shares.
World Color is a commercial printer based in Montreal. Quad/Graphics prints catalogs, magazines and other commercial products and is based in Sussex, Wis.
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