Moore Wallace (NYSE:MWI)
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RR Donnelley and Moore Wallace Confirm Special Meetings Will Be Held February
23, 2004
Closing of Combination Expected February 27, 2004
CHICAGO, TORONTO and NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- RR Donnelley
and Moore Wallace Incorporated Toronto announced today that they have amended
the Combination Agreement relating to the planned combination of the two
companies. The amendment provides that neither RR Donnelley nor Moore Wallace is
required to complete the combination until it has beenfurnished with the other
party's 2003 audited financial statements. Moore Wallace anticipates that the
audit of its 2003 financial statements will be completed by February 27, 2004,
and RR Donnelley anticipates that the audit of its 2003 financial statements
will be completed by February 23, 2004.
As previously disclosed, Moore Wallace has kept RR Donnelley informed on a
regular basis regarding the anonymous letter received by Moore Wallace in late
December 2003, the memorandum discussed in Moore Wallace's February 9th press
release, and the status of the inquiries related to such matters. In addition,
representatives of PriceWaterhouseCoopers LLP, and of Moore Wallace, its Audit
Committee, outside counsel and independent accountants reported to, and
responded to questions from, the RR Donnelley Board of Directors regarding these
recent events. As announced by Moore Wallace on February 17th,
PriceWaterhouseCoopers completed an independent investigation of the allegations
of misconduct contained in the anonymous letter and found no support for such
allegations.
RR Donnelley and Moore Wallace are looking forward to completing their
combination, subject to the above conditions and the other conditions contained
in the Combination Agreement. The special meetings of Moore Wallace and RR
Donnelley will be held on February 23, 2004, and a final order approving the
plan of arrangement from the Ontario Superior Court of Justice is anticipated,
following a hearing scheduled for February 25, 2004.
About RR Donnelley
RR Donnelley ( http://www.rrdonnelley.com/ ) prepares, produces and delivers
integrated communications across multiple channels for content owners, such as
publishers, merchandisers, and telecommunications companies as well as capital
markets and diversified financial services companies. As a single source
supplying services up and down the communications value chain, the company
excels in digital photography, content management, printing, online services,
and print and package logistics. With these integrated services, RR Donnelley
provides effective solutions for its customers' targeted communications and
delivery needs. Headquartered in Chicago, IL, RR Donnelley serves a global
customer market and has 30,000 employees in more than 200 locations in North
America, South America, Europe and the Asia/Pacific Basin.
About Moore Wallace
Moore Wallace ( http://www.moorewallace.com/ ) is a leading single-source
provider of print management and outsourced communications, delivering to its
customers one of the widest array of products and services at one of the lowest
total costs. The company operates in three complementary business segments:
Forms and Labels, Outsourcing and Commercial Print.
The Forms and Labels business designs,manufactures and sells paper-based and
electronic business forms and labels and provides electronic print management
solutions. The Outsourcing business provides high-quality, high- volume variably
imaged print and mail, electronic statement and database management services.
The Commercial Print business produces high-quality, multi-color personalized
business communications and provides direct marketing services, including
project, database and list management services.
Use of Forward-Looking Statements
Except for historical information, this news release contains "forward- looking
statements" as defined in the U.S. Private Securities Litigation Reform Act of
1995. Readers are cautioned not to place undue reliance on these forward-looking
statements and any such forward-looking statements are qualified in their
entirety by reference to the following cautionary statements. All
forward-looking statements speak only as of the date of this press release and
are based on current expectations and involve a number of assumptions, risks and
uncertainties that could cause the actual results to differ materially from such
forward-looking statements.
Readers are strongly encouraged to read the full cautionary statements described
in the companies' filings with the U.S. Securities and Exchange Commission (SEC)
and Canadian securities regulatory authorities, as applicable, including the
section entitled "Management's Discussion and Analysis of Financial Condition
and Results of Operations" contained therein. RR Donnelley and Moore Wallace
disclaim any obligation to update or revise any forward-looking statements.
Factors relating to the completion of the transaction and the integration of the
businesses that could cause material differences in the expected results of the
combined company include, without limitation, the following: the development and
execution of comprehensive plans for asset rationalization, the ability to
eliminate duplicative overhead without excessive cost or adversely affecting the
business, the potential loss of customers and employees as a result of the
transaction, the ability to achieve procurement savings by leveraging total
spending across the organization, the success of the organization in leveraging
its comprehensive product offering to the combined customer base as well as the
ability of the organization to complete the integration of the combined
companies without losing focus on the business. In addition, the ability of the
combined company to achieve the expected revenues, accretion and synergy savings
will also be affected by the effects of competition (in particular the response
to the transaction in the marketplace), the effects of paper and other raw
materials and fuel price fluctuations and shortages of supply, the rate of
migration from paper-based forms to digital formats, the impact of currency
fluctuations in the countries in which RR Donnelley and Moore Wallace operate,
general economic and other factors beyond the combined company's control, and
other risks and uncertainties described from time to time in RR Donnelley's and
Moore Wallace's periodic filings with United States and Canadian securities
regulatory authorities, as applicable.
Additional Information
On November 8, 2003, R.R. Donnelley & Sons Company ("RR Donnelley") and Moore
Wallace Incorporated ("Moore Wallace") entered into a definitive agreement to
combine the two companies. This communication is not a solicitation of a proxy
from any securityholder of Moore Wallace or RR Donnelley. Moore Wallace and RR
Donnelley have filed a Joint Management Information Circular and Proxy Statement
regarding the proposed transaction with the U.S. Securities and Exchange
Commission (SEC), and Moore Wallace has filed the Joint Management Information
Circular and Proxy Statement with the Canadian Securities regulatory
authorities. WE URGE INVESTORS IN RR DONNELLEY AND MOORE WALLACE TO CAREFULLY
READ THE JOINT MANAGEMENT INFORMATION CIRCULAR AND PROXY STATEMENT BECAUSE IT
CONTAINS IMPORTANT INFORMATION ABOUT RR DONNELLEY, MOORE WALLACE AND THE
PROPOSED TRANSACTION.
Investors and securityholders may obtain the Joint Management Information
Circular and Proxy Statement and any other relevant documents filed by RR
Donnelley and Moore Wallace free of charge at the SEC's website,
http://www.sec.gov/, and at the website of the Canadian System for Electronic
Document Analysis and Retrieval (SEDAR) maintained by the Canadian Securities
Administrators at http://www.sedar.com/. In addition, investors and
securityholders may obtain free copies of the Joint Management Information
Circular and Proxy Statement filed with the SEC by RR Donnelley by contacting RR
Donnelley Investor Relations, 77 West Wacker Drive, Chicago, IL 60601,Tel. (312)
326-8926. Investors and securityholders may obtain free copies of the Joint
Management Information Circular and Proxy Statement filed with the SEC and SEDAR
by Moore Wallace by contacting Moore Wallace Investor Relations, One Canterbury
Green, Stamford, CT 06901,Tel. (203) 406-3749.
RR Donnelley, Moore Wallace and their executive officers and directors may be
deemed to be participants in the solicitation of proxies from RR Donnelley
stockholders and Moore Wallace securityholders in favor of the proposed
transaction. Information regarding the security ownership and other interests of
RR Donnelley's and Moore Wallace's executive officers and directors is included
in the Joint Management Information Circular and Proxy Statement.
DATASOURCE: RR Donnelley
CONTACT: Media, Katherine Divita, +1-312-326-8336,
, Investors, Lisa Mount, +1-312-326-8926,
, both of RR Donnelley, or Julie Gottlieb of Moore Wallace,
+1-203-406-3825,
Web site: http://www.rrdonnelley.com/
http://www.moorewallace.com/