Cenveo Ups Takeover Bid After Banta Rejects Offer
Cenveo Inc. made a late-Tuesday offer of $50 per share for all of the stock of printer Banta Corp. The offer came after Banta rejected an unsolicited bid from Cenveo, under which Cenveo would acquire Banta for $47 per share, early Tuesday morning. Banta’s board of directors unanimously determined that the offer was not in the best interest of its shareholders, according to a statement from the Menasha, WI-based company.
Cenveo called its $50 bid “our best and final proposal to acquire Banta.” In an open letter to Stephanie A. Streeter, Banta’s chairman, president and CEO, Robert G. Burton, Sr., Cenveo’s chairman and CEO said “. Despite your rejection, we remain enthusiastic about acquiring Banta.” Banta had not issued a reaction to the $50 offer at deadline.
Banta added that its offer will expire on Oct. 31, and added “we believe that our deadline will provide you with plenty of time to determine if there are any third parties willing to pay more than Cenveo and otherwise conclude your exploration of potential ‘strategies for maximizing shareholder value’.”
Separately, Banta has authorized its management and financial advisor, UBS Investment Bank, to explore a variety of financial strategies, including remaining independent, joint ventures, mergers, acquisitions, further return of capital, or the sale of the company. The company cautioned that it may take no actions whatsoever.
