Olshan Represents Chatham Asset Management As Successful Bidder in Months-Long Bidding War for R.R. Donnelley & Sons Co.
Bloomberg (subscription required), Law360, Yahoo!Finance, Chicago Business Journal, Printweek, and numerous media outlets reported on Olshan’s representation of client Chatham Asset Management, LLC, a leading private investment firm, and certain of its affiliates, in connection with its entry into a definitive merger agreement to acquire all outstanding shares of common stock of R.R. Donnelley & Sons Company (NYSE:RRD) not already owned by Chatham at a price equal to $10.85 per share on December 14, 2021. The announcement is the culmination of a two-month bidding process, since Chatham first submitted an unsolicited bid to acquire RRD on October 12, 2021 and RRD announced its entry into a merger agreement with affiliates of Atlas Holdings LLC on November 3, 2021, as amended on December 9, 2021. The transaction, expected to close in the first half of 2022, has a total enterprise value of approximately $2.3 billion and total equity value of approximately $897 million. The Olshan team who led the activist, M&A and litigation strategies for Chatham includes Steve Wolosky, Elizabeth R. Gonzalez-Sussman, Michael Neidell, Lori Marks-Esterman, Peter Sartorius, Rebecca Van Derlaske and Mark Kiley.