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The Courtship of Giants: RR Donnelley and Moore Wallace

To bring two companies the size of RR Donnelley (

Thursday, January 08, 2004

To bring two companies the size of RR Donnelley (NYSE: DNY) and Moore Wallace (NYSE: MWI) together can be a long, carefully orchestrated process, or it can be a “done deal” from the first discussion. According to documents recently filed with the SEC, this courtship was a “whirlwind” by most standards.

So how does such a merger come about? It starts with a chat over drinks. During the spring and summer 2003, Mark Angelson, CEO, Moore Wallace, and William Davis, Chairman, President, and CEO, RR Donnelley, met socially and shared a common interest in legislative and industry issues. Then, in July, Mr. Davis' resignation was announced, pending the appointment of a successor. And, shortly after, Mr. Angelson was approached to discuss a potential merger including the possibility of his move to CEO of the combined company.

Why Mr. Angelson? In WTT's R.R. Donnelley's Search for the Future: Think Big, Really Big” published October 14, he was described as “a mergers and acquisitions pro.” He was the principal architect of the merger between Moore and Wallace, finalized in May. Angelson's tenure at Big Flower Holdings (NYSE: BGF), a printing and advertising services holding company, included the orchestration of approximately 30 acquisitions and related financings. Angelson also directed the $2 billion leveraged recapitalization and sale of control of the company to Thomas H. Lee Fund IV and Evercore Capital Partners. A worthy successor to Davis.


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