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R.R. Donnelley & Sons Co (NYSE: RRD) is trading significantly higher Tuesday after Chatham Asset Management submitted an offer to acquire all common stock of R.R. Donnelley & Sons not already owned by Chatham for $7.50 per share in cash.
Chatham commented, "Despite our efforts to engage with the Board on ways to position the business for long-term success, we no longer have confidence in RRD's ability to achieve full and fair value as a public company under the current Board and management team. As longstanding investors in RRD, we believe our offer presents the best path forward for the Company to unlock its intrinsic value, while also providing shareholders immediate and substantial cash."
R.R. Donnelley & Sons provides integrated communication strategies by helping organizations communicate more effectively by working to create, manage and produce the content on behalf of its customers.
RRD Price Action: R.R. Donnelley & Sons has traded as high as $7.15 and as low as $1.12 over a 52-week period.
The stock was up 35.70% at $6.69 at time of publication.
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