Largest Bondholder Chatham Makes Offer to Acquire RR Donnelley for $7.50 per Share in Cash

[...]Chatham calculates that annual interest expense, on a pro forma basis, would decline by approximately $36 million or 33%. Despite our efforts, RRD does not appear capable of achieving full and fair value as a public company under the current board and management. [...]after significant consideration, we believe the company should be sold in order to maximize stockholder value. [...]we are pleased to make an offer to acquire all the common stock of RRD not already owned by Chatham at a price equal to $7.50 per share, representing a 52.1% premium over yesterday's closing price of $4.93 per share, a 6.2% premium over the 52-week high of $7.06 per share, and a 92% premium over the 365-day volume-weighted average price of $3.91 per share. [...]we estimate that annual interest expense would decline by approximately $36 million, or 33%, for the four quarters ended June 30, 2021.