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Shares of Moore Wallace rose C$1.42, or 7 percent, to C$21.70 on the Toronto Stock Exchange (News - Websites) , their best level since June 2002. In New York, the shares were up $1.29, or 8.5 percent, to C$16.54.

On Sunday, R.R. Donnelley (NYSE:DNY - News) said it would buy Moore Wallace for $2.8 billion and debt in a bid to help the high-end publisher of catalogs extend its range of products.

Moore Wallace shareholders will receive 0.63 shares of Chicago-based R.R. Donnelley for each Moore Wallace share held.

The deal for Moore Wallace, created in May when Moore Corp. completed its acquisition of Wallace Computer Services, is expected to close in the first quarter of 2004.

R.R. Donnelley, whose shares fell $1.33, or nearly 5 percent, to $26.70 in New York, will also assume $900 million in Moore Wallace debt.

The combined company will keep the R.R. Donnelley name and be headquartered in Chicago.