rr donnelley  sons co shares were up 55 to 1119 in morning trading thursday after the company said it received a nonbinding 1150 a share updated proposal from a strategic party the provider of multichannel business communications services and marketing solutions in late december said it had received an unsolicited nonbinding alternative acquisition proposal from the strategic party to acquire all of the outstanding shares of donnelleys common stock for 11 each in cash donnelley is in a merger deal to be acquired by affiliates of private investment firm chatham asset management llc in an allcash 1085 a share transaction that deal has a total enterprise value of about 23 billion and total equity value of about 897 million in unveiling the chatham deal in middecember donnelley said it had terminated a merger agreement with affiliates of atlas holdings llc donnelley said thursday that the updated proposal from the strategic party increases the offered price to 1150 a share in cash versus the previous offered price the updated proposal states that the strategic party has substantially completed its financial legal tax and other due diligence donnelley said the proposal doesnt include committed debt and equity financing and states that the strategic party requires an additional three weeks to obtain committed financing the company said at this time the board hasnt determined that the updated proposal constitutes a superior proposal the company said under the terms of the chatham deal donnelley is required to pay a 12 million expense reimbursement to chatham if the company terminates the deal to enter into a merger agreement with respect to the updated proposal in addition the company would be required to reimburse chatham for the 20 million payment previously made by chatham to cover the termination fee due under the atlas deal the strategic party has stated it would agree to pay both the company said