CHICAGO (News release) -- Chatham Asset Management, LLC, a leading private investment firm, and R.R. Donnelley & Sons Company announced that they have completed a transaction in which affiliates of Chatham have acquired RRD for $10.85 per share in cash. The acquisition was previously announced on December 14, 2021, and RRD stockholders approved the transaction at the Special Meeting of Stockholders held on February 23, 2022.
With the completion of the transaction, RRD expects its common stock will cease trading on the New York Stock Exchange before market open on February 28, 2022. In connection with the completion of the transaction, Thomas J. Quinlan has assumed the role of President and Chief Executive Officer of RRD.
"We are excited about the next chapter in RRD's journey, and I am personally thrilled to be leading the Company once again," said Thomas Quinlan, RRD President and Chief Executive Officer. "Importantly, I am grateful to RRD's employees, whose dedication and hard work have contributed to the Company's success and momentum. Together with Chatham, we expect we will remain the industry leader in marketing and business communications and continue to meet the evolving needs of our clients."
Mr. Quinlan is a seasoned executive with significant experience leading and growing business-to-business manufacturing and services companies. He is deeply familiar with RRD and the print and digital marketing and business communications industries, having served as President and Chief Executive Officer of RRD from 2007 to 2016, and Chairman, President and Chief Executive Officer of LSC Communications from 2016 to 2020 following its spin-off from the Company.
"We are pleased to finalize our acquisition of RRD and officially embark on our partnership with the Company. We look forward to working with Tom and his talented team and are optimistic about what lies ahead for RRD," said Evan Ratner, Partner and Portfolio Manager at Chatham.