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Chatham Asset Management, which owns 14.9% of RRD's common stock and is the largest bondholder, has proposed an acquisition of R.R. Donnelley & Sons Company (RRD) at $7.50 per share. This offer represents a 52.1% premium over RRD's closing price of $4.93 on October 11, 2021. While Chatham has sought to negotiate a non-disclosure agreement to advance discussions, RRD's Board has delayed, raising concerns about transparency and shareholder interests. Chatham has increased its debt position in RRD to $654.4 million and plans to finance the acquisition with cash and external funding.
R.R. Donnelley & Sons Company (NYSE:RRD) announced it will release its third quarter earnings on November 3, 2021, before market opening. A conference call will follow at 11:00 am Eastern time. Interested participants must register in advance for the webcast or telephone participation, with replays available until January 31, 2022.
RRD is a prominent provider of multichannel business communication services, serving over 30,000 clients globally with a workforce of 33,000 employees.
R.R. Donnelley & Sons Company (RRD) has launched DX Attune℠, a consultative marketing solution aimed at bridging online and offline customer experiences. This service enables brands to enhance personalization using RRD’s integrated digital and print data. DX Attune addresses significant challenges like siloed data and evolving technology in marketing. By providing a unified platform, it enhances customer journeys, leading to measurable outcomes. RRD serves 30,000 clients globally with a focus on optimizing marketing and business communications.
R.R. Donnelley & Sons Company (NYSE: RRD) has received an unsolicited acquisition proposal from Chatham Asset Management, LLC, offering $7.50 per share in cash for all outstanding shares. The RRD Board will review the proposal in consultation with its financial and legal advisors to ensure it aligns with the best interests of the company and shareholders. No action is required from shareholders at this time. RRD is a global provider of multichannel business communications, serving 30,000 clients and employing 33,000 staff across 28 countries.
Chatham Asset Management has proposed to acquire all outstanding common stock of R.R. Donnelley & Sons Company (RRD) not already owned by them at $7.50 per share, representing a 52.1% premium over the last closing price. This offer is backed by a highly confident letter from Jefferies Group, securing necessary financing. Additionally, Chatham plans to reduce RRD's total debt by 23%, potentially lowering annual interest expenses by $36 million. Chatham expressed concerns over the board's ability to unlock shareholder value, indicating the need for the proposed acquisition.
R.R. Donnelley & Sons Company (NYSE: RRD) announced its strategic focus on enhancing long-term stakeholder value through core performance improvement, revenue growth, and enhanced financial flexibility. Since the 2016 spin-off, RRD has made strategic investments, divested non-core assets, and improved its balance sheet, reporting a 67.8% total stockholder return since February 2020. The company also experienced double-digit organic sales growth in labels and packaging. The Board will continue reviewing potential divestitures to maximize value for stakeholders.
R.R. Donnelley & Sons Company (NYSE: RRD) emphasizes its role as a premier provider of folding carton manufacturing at PACK EXPO Las Vegas. Highlighting end-to-end capabilities, RRD offers services across various sectors, including food, beverage, and healthcare. The company focuses on innovative packaging solutions, combining structural design, material sustainability, and advanced production techniques with embellishments like foil stamping. RRD also provides a range of complementary services, including custom distribution and supply chain management, enhancing offerings for both Fortune 500 and emerging brands.
Chatham Asset Management, the largest stockholder and bondholder of R.R. Donnelley & Sons Company (RRD), owning approximately 14.9% of its common stock, has expressed frustration over the Board's lack of engagement concerning the company's declining stockholder value. In a letter, Chatham demands a strategic review, cost reductions, improved capital allocation, and executive compensation linked to performance. They threaten a proxy contest if the Board does not respond. Chatham believes these measures could elevate RRD's share price by over 210% to more than $13 per share.
