Following Courier Corp.’s definitive merger agreement with Quad/Graphics, on Tuesday morning competitor RR Donnelly made a higher, unsolicited buyout bid, offering $23 a share — $2.50 more per share (or approximately $15 million higher) than the Quad/Graphics payment. Already facing the typical shareholder “investigations” over the Quad/Graphics merger, Courier announced Wednesday morning that the board will “conduct negotiations and discussions with Donnelly.” They have already made the logical conclusion that Donnelly’s offer is “reasonably likely to result in a ‘Superior Proposal'” as covered in their Quad/Graphics agreement. Courier can break off that deal but would have to pay a $10 million termination […]