Courier (NASDAQ:CRRC) says it has received an unsolicited proposal from R.R. Donnelley & Sons (NASDAQ:RRD) to acquire the company for $23/share.
Earlier this month, CRRC agreed to be bought by Quad/Graphics (NYSE:QUAD) in a cash and stock deal that valued CRRC at $20.50/share; Courier's board says it has not changed its recommendation in support of the merger with QUAD.
Courier Corp. (CRRC +35.9%) surges after agreeing to be acquired today by Quad/Graphics (QUAD -1.2%) for $260M.
Shareholders will receive cash and stock equivalent to ~$20.50/share, a 41% premium over CRRC's closing price yesterday.
QUAD expects the acquisition to close by mid-year, be accretive to earnings in 2016, and that the purchase price multiple will be less than 5x adjusted EBITDA after taking into account anticipated synergies.