Cenveo Inc. upped its bid Sept. 5 for Banta Corp. to $47 per share. This is a 38 percent premium on Banta’s closing price on Aug. 8, Cenveo’s first bid was $46.
Cenveo, Stamford, CT, said in a letter to Banta it has obtained a commitment from Lehman Brothers and Wachovia to provide financing to allow it to complete the all-cash acquisition of Banta’s outstanding shares.
Banta, Menasha, WI, does not fully understand what is happening in the printing industry today, Cenveo chairman/CEO Robert G. Burton Sr. stated in the letter. Printers need to be low-cost providers, and Banta’s recently announced $3 million cost-savings plan won’t do enough to bring down costs, he said.
Banta has referred to the bid as an unsolicited and highly conditional indication of interest.