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Benzinga
Benzinga
Business
Akanksha Bakshi

RR Donnelley Gets $11/Share Unsolicited Offer; Sticks With Chatham Deal At This Time

  • RR Donnelley & Sons Co (NYSE:RRD) has received an unsolicited non-binding alternative acquisition proposal from a strategic party at $11/share in cash.
  • Affiliates of Chatham Asset Management had recently agreed to acquire the company for $10.85 per share in cash. Earlier, RRD had terminated its previously announced merger agreement with Atlas Holdings LLC and entered a merger agreement with Chatham.
  • RRD had previously received a non-binding proposal from the strategic party at $10/share in cash.
  • In response to the new proposal, RRD's board determined on December 29, 2021, that the strategic party proposal would reasonably be expected to lead to a "Superior Proposal."
  • Meanwhile, at this time, the board has not determined that the strategic party proposal constitutes a superior proposal.
  • At this time, RRD remains subject to the Chatham merger agreement.
  • Price Action: RRD shares traded higher by 3.09% at $11.00 in pre-market on the last check Thursday.
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