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LSC Communications (LKSD) has been a disaster since it was spun off from R.R. Donnelley (RRD) in 2016. LKSD shares have lost 97% of their value. Sales have fallen, profits have plunged, and the company has misfired on acquisitions.
The final straw came late last month, as Quad/Graphics (QUAD) called off its acquisition of LSC. The all-stock deal had done little to help LKSD stock anyway: the value of the QUAD stock consideration had dropped by roughly half since the acquisition was announced on Halloween 2018.