TRANSCONTINENTAL MAKES BID FOR OPTIPRESS
By Adnews Staff
Montreal-based commercial printer Transcontinental is making a bid to takeover Optipress, a printer and publisher in Atlantic Canada. Transcontinental is offering Optipress CAN$8.00 for each of the company's seven million outstanding shares. The Optipress board of directors has signed an agreement to recommend that shareholders accept the offer. According to another agreement, the board will pay Transcontinental CAN$1 million if it withdraws its recommendation or accepts a higher bid. Major Optipress shareholders include NewCap, Cameron Publications, Dynamic Mutual Funds and Craig Dobbin. Its properties include 25 weekly and bi-weekly newpapers, nine printing plants and a group of digital reproductions centres in Newfoundland and Labrador, Nova Scotia, Prince Edward Island and New Brunswick. The deal is expected to close late January 2004.