YEAR IN REVIEW — 2006: BANTA ON THE LOOSE
A report in the Wall Street Journal cited examples in which three financial printers padded their bills, which were termed vague and difficult to decipher. Additionally, the story noted that printers are often chosen based upon the gifts they offer clients, from sporting event and concert tickets to free vacations.
More than 23,000 people ambled into McCormick Place South in mid-October for Graph Expo and Converting Expo 2006, where the surprise announcement came that Vince Lapinski was taking over as CEO of MAN Roland North America, replacing Yves Rogivue. As for Rogivue, he planned to join Muller Martini as head of its Printing Systems division in Switzerland.
Four astute students of the commercial printing industry were also recognized during Graph Expo for their long and distinguished careers with induction into the PRINTING IMPRESSIONS/RIT Printing Industry Hall of Fame. They included: James Hopkins of Hopkins Printing in Cincinnati; Rémi Marcoux of Montreal-based Transcontinental; Tom Quadracci of Quad/Graphics in Sussex, WI; and Jesse Williamson of Dallas-based Williamson Printing.
Burton and Streeter continued to exchange letters as the leaves began to turn. After Streeter rejected his $47 a share bid, Burton came back with what he deemed to be his “best and final” bid of $50 per share, confident that Banta would not find any suitors willing to ante up. A proxy battle ending in a special share- holder vote seemed likely as Burton set an October 31 deadline for Banta to accept his offer.
The biggest shocker occurred at the end of October, when RR Donnelley seemingly came out of nowhere and reached a deal to acquire Banta for $52.50 per share, a total of roughly $1.3 billion. The month-long negotiations were kept air tight and the announcement came on the heels of Burton formally withdrawing his $50 a share proposal. Streeter was to remain with the company during the transition phase before leaving to pursue other interests.
