TMCnet News
Offer made to buy Banta(Post-Crescent, The (Appleton, WI) (KRT) Via Thomson Dialog NewsEdge) Aug. 10--MENASHA -- Banta Corp. chief Stephanie Streeter expressed great disappointment Wednesday in an unsolicited offer for the printing and supply chain management company from envelope-maker Cenveo. In a letter to Robert Burton, the chairman and chief executive officer of the Stamford, Conn.-based company, Streeter said Cenveo's offer of $46 per share in cash for the firm wasn't mentioned when Cenveo's financial advisers made an "ambiguous" request Tuesday to Banta Corp. "We find your actions to be inexplicable," she wrote. Streeter, Banta's chairman, president and chief executive officer, said Banta was committed to acting in the best interest of shareholders and would review Cenveo's letter and respond in "due course." In late July, as Banta's shares fell to a two-year low near $37, the company reported plans to reorganize five print divisions to two in an attempt to cut costs and better align service capabilities. Streeter had said the restructuring was expected to generate annual pre-tax savings of about $3 million beginning in 2007. The Cenveo offer was contingent on the East Coast company obtaining financing, effecting due diligence and reaching a mutually satisfactory definitive merger agreement. Banta Corp. employs 1,550 at facilities around the Fox Cities. Wire services information was used in this report. |