R.R. Donnelley & Sons (RRD) : Chatham Asset Management has increased its offer to acquire the company to $10.85/share

 

Donnelley & Sons reports that Chatham Asset Management has increased its offer to acquire the company to $10.85/share in cash

• Chatham Asset Management, a private investment firm which manages funds that beneficially own approximately 14.9% of the outstanding common stock of R.R. Donnelley & Sons Company (RRD) and which is the largest bondholder of the company, responded to a press release issued today by RRD regarding its acceptance of a revised proposal from affiliates of Atlas Holdings LLC to acquire the company for $10.35 per share in cash.
• In a letter sent to RRD's Board of Directors, Chatham submitted an increased binding, fully financed offer to acquire all the common stock of the company not already owned by Chatham for $10.85 per share in cash.
• Chatham's increased offer will expire at 11:59 p.m. ET on December 13, 2021 unless it receives a countersigned merger agreement from the company.
• Chatham said, "RRD's Board has once again shirked its fiduciary duties and deprived stockholders of receiving a higher price for their shares by refusing to meaningfully engage with Chatham and agreeing to an inferior transaction with a higher, entirely avoidable termination fee and expense reimbursement. We urge the Board to act in the best interest of its stakeholders, declare our increased offer superior and proceed quickly to finalizing our proposed transaction."
• Note: Chatham's prior offer was $10.25/share. Earlier today, it was reported that Atlas Holdings increased its offer to $10.35/share from $8.52/share, which RRD's Board accepted.

This week's biggest % winners & losers: Oct 11 - 15, 2021 (wk 41)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Healthcare: JSPR (16.42 +106.28%), FLXN (9.44 +63.32%), ALLO (16.48 +25.51%), SUPN (31.66 +20.06%), AXDX (6.63 +17.76%), OMER (7.73 +15.37%)
• Materials: AA (56 +21.66%), CENX (17.25 +20.21%), LTHM (26.5 +14.77%)
• Industrials: RRD (6.55 +27.68%)
• Consumer Discretionary: TTM (34.19 +29.75%)
• Information Technology: SGH (53.53 +21.47%), HUBS (790.89 +16.33%), AZPN (163.51 +15.51%), DQ (63.97 +14.23%)
• Energy: NXE (5.99 +24.53%), KOS (3.81 +19.44%), CCJ (24.99 +17.27%), NGL (2.76 +14.52%)
• Consumer Staples: CBD (5.71 +27.17%)
• Utilities: CEPU (3.73 +15.84%)

This week's top % losers

• Healthcare: STIM (4.86 -24.18%), AMN (94.54 -21.1%), RVNC (22.71 -15.36%), SRPT (84.19 -15.32%), EVH (29.93 -12.25%), CDXS (28.33 -12.13%), ATRA (15.12 -11.32%), ESPR (9.14 -10.74%), DNLI (45.56 -10.51%)
• Materials: TRQ (13.13 -9.76%)
• Industrials: TREX (93.38 -10.5%)
• Consumer Discretionary: THO (108.05 -13.01%)
• Information Technology: AMKR (22.19 -11.8%)
• Financials: COLB (34.8 -13.8%), BSAC (17.21 -10.92%)
• Energy: LPI (74.51 -17.6%), CRK (9.19 -12.64%), PVAC (30.66 -8.45%)

R.R. Donnelley & Sons (RRD) : buyout offer from Chatham Asset Management at $7.50/share

The printing and marketing company received a buyout offer from its largest shareholder, 00.
The private investment firm that currently owns 14.9% shares and 41.4% debt in R.R. Donnelley has been chasing the company for more than a year now to restructure and unlock greater value for shareholders. 

 

 

 

 

 

 

 

R.R. Donnelley & Sons : Chatham Asset Management confirms offer to acquire R.R. Donnelly for $7.50/share in cash

• Chatham Asset Management, a private investment firm that manages funds that beneficially own approx. 14.9% of the outstanding common stock and which is the largest bondholder of R.R. Donnelley & Sons, today in a letter sent to RRD's Board submitted an offer to acquire all the common stock of RRD not already owned by Chatham for $7.50/share in cash.
• The transaction represents a 52.1% premium over yesterday's closing price of $4.93/share, a 6.2% premium over the 52-week high of $7.06/share, and a 92% premium over the 365-day volume-weighted average price of $3.9/share. Chatham would finance the transaction using cash on hand and external financing and has secured a highly confident letter from Jefferies Group supporting its ability to raise all necessary funds.
• To facilitate the transaction, Chatham is willing to equitize and/or subordinate its entire debt position, reducing RRD's total debt by 23%.
  • As a result, Chatham calculates that annual interest expense on a pro forma basis would decline by approx. $36 mln, or 33%.

R.R. Donnelley & Sons (RRD) reported earnings on Tue 27 Apr 21 (a/h)

 ** charts after earnings **

 

 

 

RR Donnelley & Sons misses by $0.07, beats on revs; guides Q2 revs above estimate

Reports Q1 (Mar) earnings of $0.08 per share, excluding non-recurring items, $0.07 worse than the single analyst estimate of $0.15; revenues fell 3.6% year/year to $1.17 bln vs the $1.12 bln single analyst estimate.

• Organic net sales declined 4.3%.

Co issues upside guidance for Q2, sees Q2 revs of $1.1-1.15 bln vs. $1.02 bln single analyst estimate.

Earnings this week : Apr 26 - 30, 2021 (wk 17)

Monday (Apr 26)

• Morning:  ACI BOH CHKP CBU DORM FBP LII OTIS PHG
• Afternoon: AGNC ARE AMP AMKR AXTA BRO CDNS CNI CATY WIRE HSTM HTLF IBTX JJSF JBT LXFR MASI MEDP MKSI NXPI OMF PKG PCH RRC SBAC SSD SSNC SUI TSLA TNET TBI UHS WRI

Tuesday (Apr 27)

• Morning: MMM ABB ADM AWI ABG BP CNC GLW CEQP CROX DTE ECL LLY ENTG FCF FSV FISV FELE GE GPK HEES HAS HUBB IVZ JBLU LECO MMC MSCI NVS PCAR PPBI PII PHM RTX ROP ST SHW SSTK SF SYF TRU TPB UBS UMBF UPS WDR WM
• Afternoon:  ACCO AMD GOOG AMGN ACGL APAM ATRC BXP BYD CHRW CALX COF CHE CB CSGP EGP EIX EHC ENPH EQR ESS FFIV FEYE FCPT HA HIW HOPE IEX ILMN JNPR LBRT MANH MATX MXIM MSFT MDLZ MRC NAVI NCR NOV OLN OKE PINS PPD PFG QTS RNST RRD SBUX SYK FTI TENB TER TX TXN TRMK UDR USNA V WSBC YUMC

Wednesday (Apr 28)

• Morning:  AER ALKS APH ARCC ADP AVY BXMT BA BSX EAT BCO CAMT GIB CHEF CIT CME CSTM DAN DISCA DRVN ETR EVR EXTR GRMN GD HELE HES HUM IART IPG LFUS LIVN MHO MAS MLCO MCO NYCB NSC OSK OC PAG BPOP PB ROK ROL RES R SAIA SNY SC SHOP SLGN SLAB SIRI SIX SPOT SWK SHOO TECK TDY TEVA TKR TNL UMC VRT WNC WING YUM
• Afternoon:  TWOU AFL AGI ALGN ALSN ATUS AMED NLY AM AR AAPL ASGN AZPN AVB AVTR AVT AXS NTB BHE BLKB BCOV CHX CAKE CINF CNO CDE FIX CYH CNMD CLR CREE CONE DRE EBAY ECHO ESI EQIX EEFT RE EXR FB F FORM GRUB HNI HOLX PI IR NGVT INOV ISBC INVH JAKK KALU KBR KRC LC LOGI MTDR MXL MGRC MTH MEOH MGM MAA MC MOH MSA MUSA MYRG ORLY OI OII OIS PGRE PEGA PDM PPC PTC PSA QCOM RJF RNR SIGI NOW SSB SRI TDOC TTEK TROX TTMI TYL UCTT URI VVV WRE WCN WELL WERN WH AUY

Thursday (Apr 29)

• Morning: FLWS AOS ABMD AGCO AGIO ATI ADS AB ALNY AIMC MO AMRN AMT AIT ARES ATKR BAX BCE BLMN BPMC BMY BC CWT CG CRS CARR CAT CBZ CBRE CLS CHD CTXS CLVT CMS CNX CCOI COHU CFX COLB CMCSA COR CTS CFR DPZ ERJ EME EXLS FBC FCN GNRC THRM GPI HSY HGV IDA IMAX IP ITGR ICE JHG KDP KIM KEX KHC LH TREE LKQ MTSI MMP MA MTRN MCD MDC MPW MRK MDP TAP COOP NEM NOC NVCR NVT OSIS OSTK PH PATK PTEN PBF BTU PRFT PCG PRG RLGY RCL RDS.A SPGI SNDR SWI SAH SO STM STRA SYNH TROW TMHC TFX TPX TXT TMO TW TRS TRTN VLY VC WAB WST WEX WLTW XEL
• Afternoon:  ACHC ATGE AEM MDRX AMZN ATR ACA AJG TEAM AX BZH BIO BMRN COG CPT CWST CRUS CXP COLM OFC CUZ CVA CRY CUBE DVA DXCM DLR DRQ EMN EHTH EBS ENVA ERIE ETH EVTC EXPO FHI FSLR FIVN FTNT FTV FTAI FBHS FWRD GLPI GNW GILD GFF THG HP HTGC KMPR KNSL KLAC LMAT LLNW LPLA MATW MERC MMSI MVIS MITK MHK NATI NPTN NIO NDLS OMCL ONTO PACB PEB POWI PFPT RMD SGEN SKYW SWKS SM SWN SPSC TEX TXRH TRUP TWTR X VRTX VICI VCRA WDC WSC INT ZEN

Friday (Apr 30)  

• Morning:  ABBV AON AZN AVNT BCPC B CBOE CHTR CVX CLX CL XOM GT GWW HRC HUN ITW IMO JELD JCI LAZ LYB MGP MOG.A NWL PSX PSXP PBI PNM POR PFS SHLX SLCA WPC WY WETF

Earnings spotlight: 

• Albertsons (NYSE:ACI), Tesla (TSLA) and NXP Semi (NASDAQ:NXPI) on April 26; BP (NYSE:BP), UPS (NYSE:UPS), General Electric (NYSE:GE), Alphabet (NASDAQ:GOOG), Microsoft (OTCPK:MFST) and Starbucks (NASDAQ:SBUX) on April 27; 

• Humana (NYSE:HUM), Boeing (BA), Apple (NASDAQ:AAPL), Ford (NYSE:F), Qualcomm (NASDAQ:QCOM) and General Dynamics (NYSE:GD) on April 28; 

• Comcast (NASDAQ:CMCSA), Merck (NYSE:MRK), Caterpillar (NYSE:CAT), Northrop Grumman (NYSE:NOC), Amazon (NASDAQ:AMZN), Nio (NYSE:NIO) and U.S. Steel (NYSE:X) on April 29; 

• Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and AbbVie (NYSE:ABBV) on April 30.

=R.R. Donnelley & Sons (RRD) reported earnings on Tue 2 May 2017 (a/h)

CHICAGO (AP) _ R.R. Donnelley & Sons Co. (RRD) on Tuesday reported a first-quarter loss of $50.1 million, after reporting a profit in the same period a year earlier.

The Chicago-based company said it had a loss of 71 cents per share. Earnings, adjusted for non-recurring costs, were 14 cents per share.

The publishing company posted revenue of $1.68 billion in the period.

R.R. Donnelley expects full-year earnings in the range of $1 to $1.30 per share, with revenue in the range of $6.8 billion to $7 billion.

R.R. Donnelley shares have decreased 23 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.52, a decrease of 76 percent in the last 12 months.