R.R. Donnelley Slumps After Mystery Bidder Withdraws Offer
(Bloomberg) -- R.R. Donnelley & Sons Co. fell after saying an unidentified bidder has withdrawn its offer to buy the printing company for $11.50 a share.
The suitor didn't provide specific reasons for its withdrawal, R.R. Donnelley said in a statement Wednesday. The Chicago-based company reaffirmed its recommendation for shareholders to vote for the Chatham Asset Management LLC offer of $10.85 a share at a meeting on Feb. 23.
The mystery party had been circling since at least November but has never been named in R.R. Donnelley's public statements. The unsolicited offers started during a two-month bidding war between Chatham and Atlas Holdings, which Chatham ultimately won.
Shares of R.R. Donnelley fell 4.4% to $10.67 in New York trading at 9:40 a.m.
©2022 Bloomberg L.P.
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