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

RR Donnelley & Sons Co 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.