R.R. Donnelley has won a brief bidding war for Courier Corp. This morning the companies announced that the board of directors of the two printers had approved Donnelly’s offer of $23 per share to acquire one of its largest rivals. The deal, for a mix of cash and stock, is worth about $261 million plus the assumption of Courier debt and payout of equity awards.
The agreement leaves Quad/Graphics out in the cold. Quad had made the first bid for Courier offering $20.50 a share in mid-January. At the time of Quad’s bid, Courier’s stock was selling at $14.49 per share.
The deal is expected to close in the second half of 2015.
The Courier purchase continues Donnelley’s strategy of growing its presence in the book printing field, where it is already the largest player. "By adding our digital printing and content management capabilities to RR Donnelley's current business, we will be even better positioned to meet our collective customers' needs," said Jim Conway, Courier's chairman, president and CEO