North American financial printing market about to be cut to just two major players
RR Donnelley & Sons in conjunction with Bowne, a New York based printing, shareholder and marketing communications firm announced yesterday that they were notified by the Federal Trade Commission that the investigation into the proposed acquisition of Bowne has been closed and on Monday, the Chicago-based company RR Donnelley were given the green light by the FTC to complete the long awaited purchase of Bowne.
According to a statement from both companies: ‘RR Donnelley and Bowne expect to promptly complete the transaction, which remains subject to the satisfaction of other customary closing conditions.’
As a result, the FTC has now closed that investigation and no additional action is warranted at this time.
Back in February, the printing company announced that it would pay about $481 million in cash or $11.50 per share for Bowne. With this purchase, Bowne anticipates that its operations will expand and enhance the range of services that they currently offer customers both locally and internationally.
In wake of this transaction, some changes will be made to stock indices. Synchronoss Technologies is in the running to replace Bowne in the S&P SmallCap 600 index after the close of the acquisition on November 24, said the credit ratings agency, Standard & Poor's.