“Strategic Party” withdraws $11.50 non-binding proposal to acquire RRD

GaryPageau
R.R. Donnelley & Sons Co. (RRD) announced the withdrawal of the unsolicited non-binding and conditional “Alternative Acquisition Proposal” from the mysterious “Strategic Party” to acquire all of the outstanding shares of RRD’s common stock for $11.50 per share in cash. The Strategic Party did not provide specific reasons for its withdrawal, according to the RRD press release.

The company remains subject to the Chatham Merger Agreement, pursuant to which Chatham will acquire all of the RRD common stock not already owned by affiliates of Chatham for $10.85 per share in cash.

As previously announced, RRD scheduled the special meeting of stockholders for purposes of voting on the Chatham Merger Agreement and the transactions contemplated thereby for Feb. 23, 2022. The Chatham Merger Agreement was unanimously approved by the RRD Board of Directors and the board again reaffirms its recommendation that stockholders vote for the Chatham Merger Agreement and the transactions contemplated thereby.

The Chatham transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including the approval of RRD stockholders.

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Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.