Burton Increases Offer for Banta

“. . .if you (Stephanie Streeter) continue to entrench yourself and repeatedly ignore our proposal, we will have no choice but to explore alternative ways to successfully complete this transaction,” Burton wrote in a September 20 letter.

Streeter—Banta chairman, president and CEO—said the company would review the proposal and respond to Burton in a timely fashion. Banta, meanwhile, has embarked on a strategic initiative of its own, steps that are expected to generate $35 million in annual cost savings. Among the planned steps: The closing or sale of five printing facilities that are either unprofitable or can be consolidated into other Banta operations. In total, Banta will lay off more than 500 people, roughly six percent of its work force.