R.R. Donnelley Receives Higher Takeover Offer Days After Deal With Chatham

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The commercial printer has agreed to be acquired by its largest shareholder, Chatham Asset Management.

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RR Donnelly & Sons said it had received a non-binding takeover offer just two weeks after the commercial printing company agreed to be bought out by its top shareholder, Chatham Asset Management.

In a statement late Wednesday, RR Donnelly said that he has received an unsolicited all-cash offer $11 per share From a unit it has been described as a strategic party. It did not identify the bidder.

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Earlier this month, RR Donnelly agreed to be bought by Chatham Asset Management, which owns approximately 15% of the company, for $10.85 per share in cash. RR Donnelly terminated an earlier buyout deal with private-equity firm Atlas Holdings after determining that Chatham’s bid was a “better offer”.

Shares of RR Donnelly were up over 4.4% in premarket trading on Thursday.

“At this time, the Board has not determined whether the Strategic Party proposal constitutes a superior proposal, and cannot be assured that the transaction will result from the Strategic Party’s proposal or that an alternative transaction will be entered into.” will or will be terminated,” the statement said.

The board reaffirmed its recommendation for the Chatham merger, saying it rejected all “optional” takeover agreements. Under the Chatham Agreement, RR Donnelly must pay Chatham $12 million if he terminates the deal and enters into one with another party.

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