According to the Supervisory Board report, "some of the members of the Supervisory Board had some objections to a number of QWE companies, including its position in the United Kingdom."

The company's Management Board report detailed how the acquisition would have helped it address the demands of the consolidating European print market for faster turnaround times, with a network of fewer, but more productive plants.

The company had been looking for possible takeover targets throughout 2007.

RSDB's initial offer for QWE was rejected as being too low. After intense negotiations RSDB's own shareholders rejected a final offer, which would have given Quebecor World Inc a cash boost and a stake in the combined company, because they believed the risks were too high in relation to the acquisition cost and because of conditions associated with the company's Corporate Governance Code.

The report added that the board said it is still reviewing the relationship with Quebecor World Inc.