R.R. Donnelley Ends Bid For Quebecor World

CHICAGO (AP) — R.R. Donnelley & Sons Co., which prints magazines, catalogs and other materials, said Wednesday it has ended its $1.5 billion offer to acquire Canadian media group Quebecor World.

R.R. Donnelley Chief Executive Thomas J. Quinlan III said he was disappointed the company's offer was rejected.

"We believe that our proposal was undoubtedly in the best interests of creditors," he said in a statement.

The Chicago-based company originally made a $1.35 billion bid on May 12, and sweetened the offer this month.

Montreal-based Quebecor, which filed for protection from its creditors early last year, owns the Toronto Sun daily newspaper and its equivalents in Ottawa, Calgary, Winnipeg and Edmonton. It also owns Le Journal de Montreal and numerous other English-language and French-language publications as well as various Internet properties and TV stations.

Donnelley's unsolicited offer came as its own business struggles. Its first-quarter profit tumbled 92 percent on restructuring and impairment charges, while sales dropped on weakening demand.

R.R. Donnelley shares fell 16 cents to close at $13.93 Wednesday.