R.R. Donnelley & Sons (RRD) : Chatham Asset Management has increased its offer to acquire the company to $10.85/share

 

Donnelley & Sons reports that Chatham Asset Management has increased its offer to acquire the company to $10.85/share in cash

• Chatham Asset Management, a private investment firm which manages funds that beneficially own approximately 14.9% of the outstanding common stock of R.R. Donnelley & Sons Company (RRD) and which is the largest bondholder of the company, responded to a press release issued today by RRD regarding its acceptance of a revised proposal from affiliates of Atlas Holdings LLC to acquire the company for $10.35 per share in cash.
• In a letter sent to RRD's Board of Directors, Chatham submitted an increased binding, fully financed offer to acquire all the common stock of the company not already owned by Chatham for $10.85 per share in cash.
• Chatham's increased offer will expire at 11:59 p.m. ET on December 13, 2021 unless it receives a countersigned merger agreement from the company.
• Chatham said, "RRD's Board has once again shirked its fiduciary duties and deprived stockholders of receiving a higher price for their shares by refusing to meaningfully engage with Chatham and agreeing to an inferior transaction with a higher, entirely avoidable termination fee and expense reimbursement. We urge the Board to act in the best interest of its stakeholders, declare our increased offer superior and proceed quickly to finalizing our proposed transaction."
• Note: Chatham's prior offer was $10.25/share. Earlier today, it was reported that Atlas Holdings increased its offer to $10.35/share from $8.52/share, which RRD's Board accepted.