Cenveo Seeks to Annex Banta

STAMFORD, CT—Reeling from a 52 percent decline in quarterly profits, its shares trading at a two-year low and a restructuring ordered for its print sector, Banta may consider the timing of Cenveo’s proposed, unsolicited acquisition either fortuitous or extremely predatory.

Either way, the die has been cast by Robert Burton, Cenveo chairman and CEO, with Wednesday’s open letter to Banta Chairman, President and CEO Stephanie Streeter. In the letter, he expressed his “disappointment in hearing from you that Banta is not for sale,” in response to an offer of $46 per share, about $1.12 billion, for the Menasha, WI-based printer. The offer, which sent Banta’s stock soaring $12 to the $46 range, is contingent upon Cenveo obtaining adequate financing. Burton feels the financing would be “readily obtainable.”