Relentless Burton Targets Cenveo

BCM's proposal valued the company at 81⁄2 times Cenveo's trailing 12-month EBITDA, representing a premium of approximately 155 percent to the average closing price for July 2004. Burton wrote that he was told the company was "only willing to entertain discussions with us if we would indicate a valuation rate in the 'high-single digits.'" Burton felt that neither historical or projected earnings, business properties and portfolio, nor precedented transaction comparables justified the price tag, and talks halted.