RRD Nets Bowne in All-Cash Deal

CHICAGO—Perhaps RR Donnelley decided it didn't want to be left out of the printing industry's M&A renaissance period. North America's largest printer reached deep into its coffers to set into motion the third blockbuster industry transaction since the beginning of this year.

Donnelley has agreed to fork over roughly $481 million, or $11.50 a share, to obtain financial printer Bowne & Co. The all-cash deal has been approved by the boards of directors for both companies. The transaction is expected to close in the second half of 2010, subject to the customary conditions, including shareholder and regulatory approvals.