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Chatham sweetens offer for RR Donnelley amid takeover battle -Breaking

by Mike Robinson

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© Reuters.

(Reuters) – Chatham Asset Management on Monday raised its offer for RR Donnelley (NYSE:) & Sons Co to $10.25 per share, hours after the printing company reaffirmed that it was sticking to a merger with investment firm Atlas (NYSE:) Holdings.

Extended trading saw shares of RR Donnelley rise 2.3% to $10.45

Chatham has a 14.9% interest in RR Donnelley and is the biggest shareholder. This month, Chatham had offered to buy the rest of the stock at $9.10 per share.

Atlas purchased RR Donnelley for $8.52 per Share in Cash earlier this month. This valued the company at around $2.1 Billion.

Earlier, RR Donnelley stated that it received an offer from another party to purchase the company at $10.00 per share. However, the printer manufacturer continued to recommend that Atlas be purchased as the go-shop period ends.

The go-shop period allows the target company in an M&A agreement to seek out competing bids even after it receives an offer from the acquirer.

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