Cenveo Fights for National Envelope
STAMFORD, CT—Cenveo has submitted a filing to the U.S. Bankruptcy Court, District of Delaware, seeking help with its bid to acquire National Envelope Corp. (NEC). The company reportedly made a $140 million takeover offering for NEC before the envelope manufacturer and its affiliates filed for Chapter 11 protection on June 10.
According to Bloomberg.com, court documents filed by NEC state that it signed a letter of intent to be acquired by private equity firm Gores Group and Cenveo’s attorney, Kenneth A. Lefkowitz, has charged that the deal includes a “no-shop” agreement that prohibits discussions with other potential buyers. Cenveo sought U.S. Bankruptcy Judge Peter Walsh’s help in “opening up the sale process and stalking horse bidding to other potential investors to maximize recoveries for creditors.”
Last week, Cenveo announced that Robert Muma had joined the company as senior vice president, Business Development of its Envelope Group. Muma had been senior vice president of sales at National Envelope Corp.