RRD - R.R. Donnelley receives unsolicited $11/share offer from strategic buyer
R.R. Donnelley (NYSE:RRD) said it received an $11/share unsolicited non-binding offer from a strategic buyer, a bid that is above its latest accepted deal with Chatham Asset for $10.85/share. R.R. Donnelley's board said that the latest offer would reasonably be expected to lead to be deemed a "superior proposal," though the board has not made a decision yet, according to a statement. RRD announced late last month that it had received a non-binding proposal from a strategic party to acquire the company for $10/share. The latest offer comes after Chatham Asset Management earlier this month beat out rival bidder Atlas Holdings, which had raised its offer to $10.35/share. Centerview Partners is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to RRD. Earlier this week, R. R. Donnelley discloses intrusion in technical environment.
For further details see:
R.R. Donnelley receives unsolicited $11/share offer from strategic buyer