Consolidated Graphics

Catalogers and magazine publishers in 2013 faced many of the same challenges as the prior year of finding the right mix of media to deliver information and build their brands. In addition, economic uncertainty and pending postal increases were thrown into the pot to create a stew of questions.

CHICAGO—RR Donnelley has closed an offering of $350 million aggregate principal amount of 6½ percent notes due 2023. As previously announced, the company intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of borrowings under its revolving credit facility. Amounts repaid under the revolving credit facility may be reborrowed to finance the cash portion of amounts payable by the company in connection with the proposed acquisition of Consolidated Graphics and for general corporate purposes.

R.R. Donnelley & Sons Company announced that it has closed an offering of $350 million aggregate principal amount of 6½ percent Notes due 2023. RR Donnelley intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of borrowings under the company's revolving credit facility.

The printing industry was abuzz this past month with opinions about why Consolidated Graphics (CGX), the billion dollar master of the commercial printing rollup, agreed to be acquired by RR Donnelley (RRD). The deal, valued at $620 million plus assumption of Consolidated Graphics’ debt, did not reward the shareholders of Consolidated with a premium—the company sold out effectively at its current market price. Apparently top management at Donnelley liked what they saw, but only at a relative bargain price.

For the first time in the two and half years that we have been researching transactions in the printing, packaging, paper, publishing

HOUSTON—Consolidated Graphics (CGX) announced financial results for its second quarter ended Sept. 30. Revenue for the quarter was $256.1 million, compared to $263.6 million for the same quarter last year. The 2.9 percent decline in revenue was primarily caused by an expected decline in election related business.

RR Donnelley and Houston-based Consolidated Graphics (CGX) jointly signed a definitive agreement on Oct. 24 by which RR Donnelley will acquire CGX, a provider of digital and commercial printing, fulfillment services, print management and proprietary Internet-based technology solutions.

News of the definitive agreement on Oct. 24 whereby RR Donnelley (RRD) will acquire Consolidated Graphics (CGX) for more than $620 million rocked the commercial printing world. For CGX, the transaction provides an exit route for its 70-year-old chairman and CEO, Joe Davis. And, for RRD, Consolidated Graphics’ network of facilities in or near every major U.S. population center adds local sales and service touchpoints for Donnelley’s commercial printing group.

CHICAGO and HOUSTON—RR Donnelley and Consolidated Graphics (CGX) jointly announced Thursday that they have signed a definitive agreement by which RR Donnelley will acquire CGX, a provider of digital and commercial printing, fulfillment services, print management and proprietary Internet-based technology solutions. The agreement has been unanimously approved by each company's board of directors.

R. R. Donnelley & Sons Company and Consolidated Graphics jointly announced that they have signed a definitive agreement by which RR Donnelley will acquire Consolidated Graphics. The agreement has been unanimously approved by each company's Board of Directors.

CHICAGO and HOUSTON—RR Donnelley and Consolidated Graphics (CGX) jointly announced today that they have signed a definitive agreement by which RR Donnelley will acquire CGX, a provider of digital and commercial printing, fulfillment services, print management and proprietary Internet-based technology solutions. The agreement has been unanimously approved by each company's board of directors.