R.R. Donnelley Receives Acquisition Offer by Chatham Asset Management

Oct 12, 2021 By MarketDepth

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Chatham Asset Management, LLC, largest bondholder of R.R. Donnelley & Sons Company (NYSE: RRD) has sent a letter to RRD’s Board of Directors with an offer to acquire all common stock of RRD that is not owned by Chatham for USD 7.50 per share in cash.  This transaction represents a 52.1% premium over yesterday’s closing price of USD 4.93 per share.  Chatham may equitize and or subordinate its debt position to reduce RRD’s total debt by 23%.  

“Despite our efforts to engage with the Board on ways to position the business for long-term success, we no longer have confidence in RRD’s ability to achieve full and fair value as a public company under the current Board and management team. As longstanding investors in RRD, we believe our offer presents the best path forward for the Company to unlock its intrinsic value, while also providing shareholders immediate and substantial cash.”

Chatham Asset Management

You may review the full text of the letter here.