R.R. Donnelley Board Says Chatham's Unsolicited Proposal Is 'Superior'
December 2, 2021
CHICAGO (From news reports) -- Commercial-printing company R.R. Donnelley & Sons Co. on Wednesday said its board unanimously determined that an unsolicited proposal from Chatham Asset Management LLC was a "superior proposal" to a previously announced merger deal with affiliates of Atlas Holdings LLC.
Chatham proposed to acquire all R.R. Donnelley common stock already not owned by Chatham and its affiliates for $10.25 per share in cash, the printing company said.
Last month, R.R. Donnelley said it agreed to sell itself to private-equity firm Atlas for $8.52 per share in cash.
R.R. Donnelley said it informed Atlas of the board's determination, and said under terms of its deal Atlas has the opportunity through December 7 "to negotiate an amendment of the Atlas Merger Agreement such that the Chatham Proposal would no longer constitute a Superior Proposal."
