Chatham Asset Management Offers To Acquire R.R. Donnelley (RRD) For $7.50 Per Share In Cash

POTENTIAL DEAL DETAILS

Chatham Asset Management, LLC, a private investment firm that manages funds that beneficially own approximately 14.9% of the outstanding common stock and which is the largest bondholder of R.R. Donnelley & Sons Company (RRD), in a letter sent to RRD’s Board of Directors submitted an offer to acquire all the common stock of RRD not already owned by Chatham for $7.50 per share in cash.

Update(s):

November 02, 2021: Chatham Asset Management, LLC calls on Board to Immediately Execute a Customary Non-Disclosure Agreement and Commit to a Legitimate Sales Process to Deliver Full and Certain Value to Stockholders.

November 03, 2021: Chatham Asset Management, LLC, in a letter sent to RRD’s Board of Directors (RRD) submitted an enhanced offer to acquire all the common stock of RRD not already owned by Chatham for $9.00-9.50 per share in cash.

December 14, 2021: R.R. Donnelley & Sons Company (RRD) announced that it has entered into a definitive merger agreement to be acquired by affiliates of Chatham Asset Management, LLC, a leading private investment firm, in an all-cash transaction with a total enterprise value of approximately $2.3 billion and total equity value of approximately $897 million.

December 29, 2021: R.R. Donnelley & Sons Company (RRD) announced the receipt of an unsolicited non-binding “Alternative Acquisition Proposal” as defined in its previously announced definitive merger agreement with affiliates of Chatham Asset Management, LLC, dated as of December 14, 2021, from a strategic party to acquire all of the outstanding shares of RRD’s common stock for $11.00 per share in cash, subject to other terms and conditions.

January 20, 2022: R.R. Donnelley & Sons Company (RRD) announced the receipt of an update to the unsolicited non-binding, increases the offered price to $11.50 per share in cash.

February 2, 2022: R.R. Donnelley & Sons Company (RRD) announced that the unsolicited non-binding to acquire all of the outstanding shares of RRD’s common stock for $11.50 per share in cash has been withdrawn. The Strategic Party did not provide specific reasons for its withdrawal.

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