Chatham proposed to acquire all R.R. Donnelley common stock already not owned by Chatham and its affiliates for $10.25 per share in cash, the printing company said.

Last month, R.R. Donnelley said it agreed to sell itself to private-equity firm Atlas for $8.52 per share in cash.

R.R. Donnelley said it informed Atlas of the board's determination, and said under terms of its deal Atlas has the opportunity through December 7 "to negotiate an amendment of the Atlas Merger Agreement such that the Chatham Proposal would no longer constitute a Superior Proposal."