S&P may lift Bowne

Standard & Poor's said it placed Bowne & Co. Inc.'s B corporate credit rating on CreditWatch with positive implications.

The action follows plans by R.R. Donnelley & Sons Co. (BBB/Watch negative) to acquire Bowne for $481 million in cash.

S&P said the agreement has been approved by the boards of directors of both companies, and the deal is expected to close in the second half of 2010, pending requisite regulatory and shareholder approvals.

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