RRD - RRD announces withdrawal of non-binding acquisition proposal from strategic party

R.R. Donnelley & Sons (NYSE:RRD) trades 4.6% down premarket after it announced that the unsolicited non-binding and conditional "Alternative Acquisition Proposal" from a strategic party to acquire all of its outstanding shares for $11.5/share in cash has now been withdrawn. The bid was received on Jan.20; Read more here. The company remains subject to the Chatham Merger Agreement wherein Chatham will acquire all of the RRD common stock not already owned by affiliates of Chatham for $10.85/share in cash. Stockholders special meeting for voting on the Chatham Merger Agreement and the transactions contemplated thereby is scheduled for Feb.23. The Chatham transaction is expected to close in 1Q22.

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RRD announces withdrawal of non-binding acquisition proposal from strategic party