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Chatham Asset Management has successfully acquired R.R. Donnelley & Sons Company (RRD) for $10.85 per share in cash, following stockholder approval on February 23, 2022. The transaction, first announced on December 14, 2021, will result in RRD's common stock ceasing to trade on the New York Stock Exchange before market opening on February 28, 2022. Thomas J. Quinlan has been appointed as President and CEO, expressing enthusiasm for RRD's future and commitment to maintaining leadership in marketing and business communications.
R.R. Donnelley & Sons Company (NYSE: RRD) announced the expiration of its Consent Solicitation regarding amendments to its 6.625% Debentures due 2029. The solicitation, which sought consents to modify reporting covenants, concluded on February 23, 2022, without securing the necessary approvals from debenture holders. The Company emphasized the expiration does not constitute a solicitation for consents, reflecting ongoing efforts to engage with stakeholders while navigating complex business scenarios. The Company's strategic focus remains on optimizing customer engagement across its vast operational network.
R.R. Donnelley & Sons Company (RRD) successfully held a virtual special meeting where shareholders approved two proposals related to the merger agreement with Chatham Delta Parent, Inc. Notably, RRD’s common stock will be acquired for $10.85 per share, marking a significant transaction. The merger is set to close on February 25, 2022, following the expiration of regulatory waiting periods. RRD will subsequently become a private entity and will no longer be traded on the NYSE. Full voting results will be filed with the SEC via a Form 8-K.
R.R. Donnelley & Sons Company (RRD) reported a 4.1% increase in full-year net sales for 2021, reaching $4.96 billion. Despite operational challenges, the net income improved significantly to $163.5 million, a 51.2% rise year-over-year. However, Q4 income from operations dropped by 52.5% to $37.1 million. The company expects its merger with Chatham Asset Management to close by February 25, 2022, following regulatory approval and stockholder voting on February 23. RRD's total debt stands at $1.47 billion, the lowest since its 2016 spin-off.
R.R. Donnelley & Sons Company (NYSE: RRD) has extended the solicitation of consents for its 6.625% Debentures due 2029. The new deadline is now 5:00 p.m. New York City time on February 23, 2022. This extension, requested by Chatham Delta Parent, Inc., is part of the ongoing Merger Agreement established on December 14, 2021, where RRD will merge with Chatham Delta Acquisition Sub, Inc. The Company engaged Jefferies LLC as the Solicitation Agent and is seeking consents from Debenture holders as stipulated in the Consent Solicitation Statement issued on January 20, 2022.
R.R. Donnelley & Sons Company (NYSE:RRD) will report its fourth quarter results on February 18, 2022, before the market opens. Management will host a conference call and webcast at 11:00 am Eastern Time the same day. Participants must register in advance for the webcast or phone access. RRD is a global provider of multichannel business communications and marketing solutions, serving around 30,000 clients with 33,000 employees across 28 countries.
R.R. Donnelley & Sons Company (NYSE: RRD) announced the expiration of its consent solicitation regarding its 6.500% Notes due 2023. The solicitation aimed to amend the Notes Indenture, particularly concerning a merger that would not be classified as a Change of Control. The solicitation expired on February 4, 2022, with approximately $53.7 million, representing 71.65% of the Notes, consenting to the amendments. A supplemental indenture will be executed, becoming effective prior to the merger. The expiry also impacts the consent solicitation for the company's 6.625% Debentures due 2029, now extended to February 11, 2022.
R.R. Donnelley & Sons Company (NYSE: RRD) partners with Levain Bakery™ to meet a 200% surge in e-commerce demand amid the COVID-19 pandemic. The collaboration focused on enhancing packaging solutions and warehousing efficiency, enabling Levain to maintain product quality and operational speed. RRD's innovative packaging design reduced processing steps by 50%, showcasing their capabilities in sustainability and efficiency. The redesigned packaging also garnered a Gold Branding & Consumer Pentaward, highlighting excellence in brand presentation.
RRD has reaffirmed its merger agreement with Chatham Asset Management following the withdrawal of a competing acquisition proposal at $11.50 per share. The current agreement offers $10.85 per share and has been approved by RRD's Board of Directors. A special meeting for stockholders to vote on the merger is scheduled for February 23, 2022, with expectations for closure in Q1 2022, pending stockholder approval. RRD urges shareholders to vote in favor of the merger to enable completion of the transaction.
R.R. Donnelley & Sons Company (NYSE: RRD) announced the expiration of its consent solicitations for holders of its 2024 Notes, 2026 Notes, and 2031 Debentures on February 1, 2022. The company successfully accepted all validly delivered consents for proposed amendments that include changes regarding the Merger. Amendments permit the Merger without triggering a Change of Control. The new expiration date for additional debt securities has been extended to February 4, 2022. The Merger's consummation is expected in Q1 2022, but no guarantees are provided regarding the timeline.
