CHICAGO (From news reports) -- R.R. Donnelley & Sons Company (RRD) Tuesday said it has agreed to be acquired by affiliates of Chatham Asset Management, LLC, a private investment firm, in an all-cash transaction with a total enterprise value of around $2.3 billion and total equity value of about $897 million. The company said it has terminated its previously announced merger deal with affiliates of Atlas Holdings LLC.

The latest agreement has been unanimously approved by the RRD Board of Directors. Under the terms of the Chatham merger agreement, an affiliate of Chatham will acquire all of the RRD common stock not already owned by affiliates of Chatham for $10.85 per share in cash. The purchase price represents a premium of 4.8% over $10.35, the price per share of RRD common stock under the Atlas merger deal.

"This transaction, which follows a robust and thorough process, is a recognition of the enormous value created by our talented employees, whose passion and dedication to the success of RRD and our clients has enabled us to achieve this important milestone," said Dan Knotts, RRD President and Chief Executive Officer. "Under Chatham's ownership, I expect that RRD will remain an industry leading marketing and business communications company, with enhanced resources and flexibility, to effectively meet the evolving needs of our clients."

The deal is expected to close in the first half of 2022, subject to customary closing conditions, including the approval of RRD stockholders and receipt of regulatory approvals.