Banta Decides to Stay the Course
MENASHA, WI—Calling Bob Burton’s conditional offer of $1.12 billion to acquire Banta “illusory and...merits no further discussion,” Stephanie Streeter officially nixed the idea of her company joining forces with Cenveo.
Streeter, chairman, president and CEO of Banta, penned a brief open letter to Burton, the chairman and CEO of Cenveo, that stressed the Banta directors “fully support our management team, which remains focused on executing our strategic plan to deliver long-term value to our shareholders.” She later wrote that Banta is “on the right path toward long-term growth and enhanced productivity.
“...In the unanimous view of our board, you have provided nothing more than a highly conditional and ambiguous overture.”
Last week Burton made public an offer of $1.12 billion for Banta, or about $46 per share. Banta’s stock was trading at $46 per share as of this morning.