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RR Donnelley (RRD) has received a revised proposal from its largest investor, Chatham Asset Management, as the bidding war over the future ownership of the company intensifies.
In response to an as-of-yet unnamed "strategic party" that offered to acquire RR Donnelley for $10 per share in cash during the "go-shop" period in which the RRD board of directors could field other offers, Chatham announced it is raising its bid for the third time to acquire North America's largest commercial printer.
The bidding war over the future ownership of RR Donnelley has entered a new phase with the expiration of the so-called “go-shop” period, which has involved the receipt of a further acquisition proposal.
Aside from the unsolicited proposal RRD received from Chatham Asset Management to acquire it for $9.10 per share in cash, as part of its go-shop” process, North America's largest commercial printer revealed it received an alternative acquisition proposal from an unnamed "strategic party" for $10.00 per share in cash.
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