Courier Board of Directors Determines Proposal from R.R. Donnelley & Sons Company Reasonably Likely to Result in a “Superior Proposal”

NORTH CHELMSFORD, Mass.--(BUSINESS WIRE)--Courier Corporation (Nasdaq: CRRC), 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 R.R. Donnelley & Sons Company (Nasdaq: 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. (NYSE: QUAD) (“Quad/Graphics”). As previously announced, the RR Donnelly proposal is subject to proration in the event that Courier shareholders elect to receive more than approximately 49% cash or more than approximately 51% stock, and is subject to, among other things, various closing conditions, Courier shareholder approval and regulatory approvals.