If Quad wants to surpass RR Donnelley to become the largest printer in North America, it appears it will have to do it through organic growth. That's because Quad and LSC Communications — the No. 2 and No. 3 ranked printers on the Printing Impressions 400 — mutually agreed this morning to terminate their merger agreement whereby Sussex, Wis.-based Quad would have acquired Chicago-based LSC for $1.4 billion in an all-stock transaction.
The proposed coupling was first announced on Oct. 31, 2018, and was subsequently approved by shareholders of both companies in February 2019, with an expected completion by mid-year. It would have combined the two mega-printers of magazines, catalogs, retail inserts, books, and other printed products.