Courier Corporation acquired by R.R. Donnelley in $261 million deal
The deal between Courier and Quad/Graphics has been terminated in favor of a deal where R. R. Donnelley will pick up the digital printing, publishing and content management company. The value of the acquisition by Donnelley is estimated at $261 million.
“After a careful evaluation process, the Courier Board determined that the RR Donnelley transaction provides superior value to Courier shareholders and important benefits to our customers and employees,” James F. Conway III, Courier’s Chairman, President and CEO, said in the announcement.
“This combination represents the next chapter in two long-running success stories woven together by a similar set of core values and operational excellence,” said Thomas J. Quinlan III, RR Donnelley’s President and Chief Executive Officer. “Our two organizations have a longstanding history of offering industry-leading solutions to our customers. We look forward to working with Jim Conway and his team in continuing that tradition.”
“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 Conway, the series of statements issued today.
Quad/Graphics thought it had an agreement to acquire Courier in a cash and stock transaction with a total purchase price of $20.50 per share. But R. R. Donnelley’s deal is worth $23 a share.
Also today, Courier reported its earnings, announcing that revenues in the quarter were $66 million, down 8 percent from the same quarter the previous year.