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Merger Arbitrage Mondays - The Bidding War For R. R. Donnelley Continues


  • R.R. Donnelley & Sons Company has been in the middle of a bidding war between Atlas Holdings and Chatham Asset Management.
  • RRD terminated its agreement with Atlas Holdings on December 14, 2021, and agreed to be acquired by Chatham Asset Management for $10.85 per share in cash.
  • Last week, RRD received an unsolicited non-bidding "Alternative Acquisition Proposal" from a strategic party to acquire RRD for $11.00 per share in cash.

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Merger activity was muted during the last week of the year 2021 with no new deals announced and two active deals consummated, one of which was completed just 39 days after the signing of the definitive

This article was written by

Asif Suria profile picture

Asif Suria is an entrepreneur and investor with a professional background in technology and a focus on event driven strategies including: merger arbitrage, spinoffs, (legal) insider trading, buybacks and SPACs. Asif has been actively investing for over 20 years and sharing his ideas for the past 10.

He is the leader of the investing group Inside Arbitrage where he shares investment ideas rarely found in mainstream financial press. Inside Arbitrage provides access to six different event-driven strategies to expand your investing toolbox, special situations focused tools, qualitative writeups of ideas through weekly articles, and a comprehensive monthly newsletter. Learn more.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of NUAN, CHNG, PFE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: I have long positions in Nuance Communications (NUAN), Change Healthcare (CHNG), and Pfizer (PFE). I also have put options in Change Healthcare. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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Comments (5)

Cashed out of all RRD shares at 11.25 today, was hoping for as high as 12, but just not sure we're going to get there. Good luck to all still hanging in there.
bagger10 profile picture
What happened to the column which specified "cash" or "cash+stock" or "stock"?

That question aside, always look forward to these M&A articles.
Asif Suria profile picture
@bagger10 It is still there but hidden from view. If you click on the table and scroll to the right you will see it. I can work with Seeking Alpha to see if there is a better way to represent these tables.
Great article, Asif
Asif Suria profile picture
@bobblock Thank you for reading
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