Courier Board Determines RR Donnelley's Offer Is 'Superior Proposal' to Quad/Graphics' Bid

NORTH CHELMSFORD, MA—January 28, 2015—Courier Corp., one of America’s leading innovators in book manufacturing, publishing and content management, announced today that its board of directors has reasonably determined in good faith, after consultation with its independent legal and financial advisors, that the non-binding, unsolicited proposal from RR Donnelley & Sons Company (RRD) to acquire the company for $23.00 per share in cash or RR Donnelley common stock is reasonably likely to result in a "Superior Proposal" as defined in Courier’s merger agreement with Quad/Graphics Inc. As previously announced, the RR Donnelley proposal is subject to proration in the event that Courier shareholders elect to receive more than approximately 49 percent cash or more than approximately 51 percent stock, and is subject to, among other things, various closing conditions, Courier shareholder approval and regulatory approvals.

Under the Quad/Graphics agreement, the Courier board’s determination allows Courier to provide information to and conduct discussions and negotiations with RR Donnelley, but does not allow Courier to terminate its agreement with Quad/Graphics or enter into any other agreement with RR Donnelley. Courier’s board has not determined that RR Donnelley’s proposal in fact constitutes a Superior Proposal under the existing merger agreement with Quad/Graphics and has not changed its recommendation in support of the merger with Quad/Graphics.

There can be no assurance that the discussions with RR Donnelley will result in the Courier board’s determination that the RR Donnelley proposal is a Superior Proposal or the consummation of a transaction that is superior to the pending transaction with Quad/Graphics or that the terms of any new transaction will be the same as those reflected in RR Donnelley’s proposal.

As announced on Jan. 16, 2015, Courier entered into a definitive merger agreement with Quad/Graphics, a leading global printer, under which Quad/Graphics will acquire Courier in a cash and stock transaction. Under the terms of the merger agreement, Courier shareholders will receive a total purchase price of $20.50 per share, consisting of cash and shares of Quad/Graphics Class A common stock. Each Courier shareholder will have the right to elect to receive cash or Quad/Graphics Class A common stock, subject to proration in the event that shareholders elect to receive more than 54 percent cash or more than 46 percent stock.

Courier will have no further comment on RR Donnelley’s proposal until the Board has completed discussions and/or negotiations with RR Donnelley.

Blackstone Advisory Partners L.P. is serving as exclusive financial advisor to Courier Corp., and Goodwin Procter LLP is serving as legal counsel.

About Courier Corp.
Courier Corp. is America’s second largest book manufacturer and a leader in content management and customization in new and traditional media. It also publishes books under two brands offering award-winning content and thousands of titles. Founded in 1824, Courier is headquartered in North Chelmsford, Massachusetts.

Source: Courier Corp.