RRD - Chatham Asset Management revises offer to acquire RRD to $10.85 per share

Chatham Asset Management, that owns ~14.9% of the outstanding common stock of R.R. Donnelley & Sons Company (NYSE:RRD) submitted an increased binding, fully financed offer to acquire all the shares not already owned by Chatham for $10.85 per share in cash.  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.” Previously (Dec. 9): R.R. Donnelley accepts revised $10.35/share proposal from Atlas Shares jump 3.7% during after market hours.

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Chatham Asset Management revises offer to acquire RRD to $10.85 per share