CORRECTION FROM SOURCE-Quebecor World Inc. Announces Issuer Bid to Repurchase Up to 10,000,000 Subordinate Voting Shares.Business Editors MONTREAL--(BUSINESS WIRE)--April 24, 2003 The following corrects and replaces the release sent earlier today. The first paragraph, third sentence should read "Not more than CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $27 per share and not less than CDN$24 per share. Quebecor World Inc. (NYSE NYSE See: New York Stock Exchange :IQW)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :IQW) announces an offer to purchase and cancel up to 10,000,000 of its Subordinate Voting Shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. for not more than CDN$27 per share and not less than CDN$24 per share. The offer, which is subject to regulatory approval, expires at midnight (Montreal time) on the evening of June 2, 2003, unless extended by the Corporation. Full particulars of the offer, including the applicable terms and conditions and the procedures for depositing shares, are set out in the issuer bid circular that will be mailed to holders of Quebecor World's Subordinate Voting Shares on or about April 28, 2003. The Corporation is making the offer through a procedure known as a "Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. " which allows shareholders to deposit shares at a price, within the range stated above, at which they would be willing to sell some or all of their shares. Scotia Capital Inc. and its U.S. subsidiary, Scotia Capital (USA) Inc., have been retained by Quebecor World to act as dealer managers for the offer. The actual purchase price that will be paid by the Corporation will be the price per share that will result in Quebecor World repurchasing not more than 10,000,000 Subordinate Voting Shares. Shareholders who will deposit their shares at prices equal to or lower than the Purchase Price will receive the purchase price. All shares deposited at a higher price will be returned to shareholders. Quebecor World currently has 94,530,416 Subordinate Voting Shares outstanding. The Subordinate Voting Shares are listed and posted for trading on both The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Exchange under the symbol "IQW". "It is our judgement that our stock is currently undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. , and we made the decision to reduce the number of shares outstanding because it is in the best interest of the Corporation and its shareholders", said Jean Neveu, President and Chief Executive Officer of Quebecor World Inc. Quebecor World Inc. (NYSE; TSX: IQW) is the largest commercial printer in the world. It is a market leader in most of its major product categories which include magazines, inserts and circulars, books, catalogs, specialty printing and direct mail, directories, digital pre-media, logistics, mail list technologies and other value added services. Quebecor World Inc. has approximately 39,000 employees working in more than 160 printing and related facilities in the United States, Canada, Brazil, France, the United Kingdom, Belgium, Spain, Austria, Sweden, Switzerland, Finland, Chile, Argentina, Peru, Colombia, Mexico and India. Web address: www.quebecorworld.com |
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