Private equity firm Chatham and R.R. Donnelley & Sons (RRD) have reached an agreement. Chatham is acquiring the largest U.S. commercial printing group for $10.85 per share in cash. The acquisition announced on Dec. 14, 2021, was approved at a special meeting of shareholders on Feb. 23, 2022. Chatham already owned 14.9 percent of RRD's shares. Common stock of the printer, which employs 32,000 people in 28 countries, ceased trading on the New York Stock Exchange on Feb. 28.
Thomas J. Quinlan becomes the new president and CEO of RRD. The man is not new to the group and to the print and digital marketing and corporate communications industries, having served as president and CEO of RRD from 2007 to 2016, and as chairman, president and CEO of LSC Communications from 2016 to 2020 after its spin-off from the company.
"We are excited about the next chapter in RRD's journey, and I am personally thrilled to be leading the company again." he said. "With Chatham, we plan to remain the industry leader in marketing and corporate communications and continue to meet the needs of our clients."
The signing of this sale agreement follows a series of outbidding started on November 3rd . RRD had then announced that it had accepted an offer from the Atlas Group (for $8.52 per share). This was without counting on Chatham and a third actor, who has not been officially revealed .
RRD achieved 2021 revenues of $4.96 billion (including the impact of foreign exchange and a divestiture in early 2020), up 4% from 2020.
