Burton Grows Impatient with Streeter
STAMFORD, CT—With a Halloween deadline looming until his offer to acquire Banta expires, Cenveo Chairman and CEO Bob Burton made it clear to Stephanie Streeter that he was not in the mood to play ‘trick or treat.’
Citing the two weeks that had passed since increasing his offer to $50 per share for Banta, Burton wrote in a letter dated October 19 that “I do not plan to blink and increase our proposal.”
In the letter, Burton speculated that the delay by Streeter, Banta’s chairman, president and CEO, is attributed to her efforts to find another party to pay a higher price. But Banta, he wrote, has had more than two months to find another suitor.
“As you know, the potential list of parties willing to purchase Banta is extremely limited,” Burton wrote. “Cenveo will not be a back-stop bidder to any other persons who may propose to acquire Banta.”
The buzz among a few pundits during Graph Expo in Chicago was that Burton’s next target could be either Consolidated Graphics (CGX) or RR Donnelley.