Banta Firmly Rejects $1.1 Billion Cenveo Buyout Offer
Banta Corp., one of the leading book and magazine printers in the world, is not for sale, company representatives said this week.
The Wisconsin-based provider of printing services announced its firm stance Wednesday afternoon after receiving an reportedly unsolicited offer of $1.1 billion from rival Cenveo Inc. According to a story published in the Milwaukee Journal Sentinel, Cenveo, a Stamford, Conn.-based company known for its envelopes, labels and packaging products, disclosed it had offered $46 per share in cash for an outright buyout of Banta.
Banta Chairwoman and Chief Executive Stephanie A. Streeter responded in an open letter addressed to Cenveo CEO Robert G. Burton Sr., and his response to the letter indicates signs that the situation may develop into a hostile takeover.
“I am extremely disappointed that you chose to release publicly the letter that your legal advisors faxed to us late last night prior to giving us the opportunity to review your highly conditional unsolicited indication of interest in combining our two companies,” Streeter wrote in her letter to Burton.
Banta, which listed as the third largest book manufacturer on Book Business’ annual “Top 30” list, had sales last year of nearly $1.5 billion, 24 percent of which was generated from book production.