Quebecor World Inc. said yesterday it recommends that its shareholders reject an unsolicited so-called mini-tender offer from TRC Capital Corp. for the purchase of up to three million Quebecor World subordinate voting shares, representing about 3.5 per cent of those outstanding, at $25.25 each. The company's shares closed yesterday at $26.24 each, up 20 cents on the Toronto Stock Exchange. Mini-tender offers are bids to purchase a small percentage of a company's outstanding shares, thereby avoiding most of the filing, disclosure and procedural requirements of Canadian and U.S. securities legislation. TRC Capital is based in Toronto.
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