Printer and supply chain specialist Banta Corp.’s board of directors has unanimously rejected Cenveo Inc.’s unsolicited proposal to acquire Banta for $47 per share.
The board of directors determined that the proposal is not in the best interest of Banta shareholders. The decision led to a renewed, higher Cenveo offer of $50 per Banta share.
Banta also said that it will explore all potential strategies for further maximizing shareholder value, including the possible sale of the company.
On Sept. 14, Banta, Menasha, WI, announced a series of strategic initiatives as a follow-up to its reorganization plan of several months ago. These actions, which included laying off about 6 percent of its workforce, were designed to bring the company significant cost savings and make it a more competitive player in the print and supply-chain management industries.
These initiatives, which included a special $16 per share cash dividend for shareholders, came shortly after a couple of bids from Cenveo to acquire Banta. At the beginning of September, Cenveo, Stamford, CT, offered $47 per share, a 38 percent premium on Banta’s closing price prior to its first offer in early August.
