M&A · Industrials · Commercial Printing
Chatham Asset Management to acquire RR Donnelley & Sons Co
Announced Dec 14, 2021 · Closed Feb 25, 2022
Deal value$2.30BEV $2.30B
Premium4.8%To unaffected price
EV / Adj. EBITDA6.0x0.5x EV / Revenue
ConsiderationAll cash$10.85 per share
Transaction
- Acquirer
- Chatham Asset Management
- Target
- RR Donnelley & Sons Co
- Buyer type
- Strategic
- Offer price per share
- $10.85
- Enterprise value
- $2.30B
- Status
- Closed Feb 25, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- Committed · Wells Fargo, Jefferies
Advisors
- To the acquirer
- Jefferies
- To the target
- Centerview
Sector context · Industrials
- Comparable deals
- 49 in the prior 24 months
- Premium
- 4.8% vs. 40.0% sector median
- EV / Adj. EBITDA
- 6.0x vs. 12.1x sector median
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedDec 14, 2021
- Proxy filedJan 21, 2022
- Definitive proxyJan 21, 2022
- Shareholder voteFeb 23, 2022
- ClosedFeb 25, 2022
Valuation · fairness opinions
Trading comparables$3.70$7.30
Precedent transactions$6.70$11.40
Discounted cash flow$8.00$13.25
Offer $10.85
Implied value per RR Donnelley & Sons Co share by analysis, from Centerview · DCF discount rate 7.5%–9.5%.