RRD Says A Strategic Party Withdraws Proposal To Buy Shares; Reaffirms Chatham Merger Deal

(RTTNews) - Marketing and business communications provider, R.R. Donnelley & Sons Company (RRD), said on Wednesday that a strategic party and an affiliate of Chatham Asset Management, LLC, has withdrawn a non-binding proposal to acquire all of the shares of RRD, for $11.50 per share in cash.

The strategic party didn't disclose the reasons for the move.

However, RRD has reaffirmed its previous merger deal with Chatham Asset Management. RRD noted that it remains subject to the deal, pursuant to which Chatham will buy all of the RRD shares, for $10.85 per share in cash.

The Chatham transaction is expected to close in the first quarter of 2022, subject to approvals from the concerned shareholders and authorities.