RR Donnelley Dumps Atlas For Chatham's $2.3B Bid

By Leslie Pappas (December 15, 2021, 6:00 PM EST) -- R.R. Donnelley & Sons Co. has terminated its merger agreement with Atlas Holdings LLC in favor of a $2.3 billion offer from Chatham Asset Management LP, which has agreed to buy Donnelley's outstanding stock for $10.85 per share, Donnelley told Delaware's Court of Chancery in a letter late Tuesday.

Donnelley's board of directors has approved the merger agreement, which represents a 4.8% premium over Atlas' last offer, according to a statement attached to the letter.

Once the merger is completed, Donnelley will go private, the statement said. In light of the agreement, Chatham and Donnelley will also stay a Chancery Court...

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