R.R. Donnelley’s (RRD) Board has unanimously determined that an unsolicited proposal from Chatham Asset Management, LLC (“Chatham”) to acquire all of RRD’s common stock—not already owned by Chatham and its affiliates—for $10.25 cash / share constitutes a “Superior Proposal” to Atlas Holding’s (“Atlas”) offer of $8.52 cash / share.
RRD has notified Atlas of their Board’s determination that Chatham’s Proposal constitutes a Superior Proposal and that RRD intends to terminate the Atlas Merger Agreement for the purpose of entering into a definitive merger agreement with affiliates of Chatham. However, according to the terms of the Atlas Merger Agreement, Atlas has the opportunity to negotiate an amendment of their Agreement such that Chatham’s Proposal would no longer constitute a “Superior Proposal”.
And, it appears that a third suitor may now also be in the mix. Stay tuned for more……
R.R. Donnelley gets higher bid from Chatham at $10.25 a share
RRD has notified Atlas of their Board’s determination that Chatham’s Proposal constitutes a Superior Proposal and that RRD intends to terminate the Atlas Merger Agreement for the purpose of entering into a definitive merger agreement with affiliates of Chatham. However, according to the terms of the Atlas Merger Agreement, Atlas has the opportunity to negotiate an amendment of their Agreement such that Chatham’s Proposal would no longer constitute a “Superior Proposal”.
And, it appears that a third suitor may now also be in the mix. Stay tuned for more……
R.R. Donnelley gets higher bid from Chatham at $10.25 a share
