RRD Nets Banta in Shocker

Stephanie Streeter, Banta’s chairman and CEO, will remain with the organization until the transaction closes but will not play a role in the combined entity.

Streeter and Banta officially rejected Burton’s $47 a share offer on October 3, and the Cenveo leader promptly raised his bid to $50 a share, or $1.21 billion. At that time, Streeter said the company would revisit its own strategic initiatives for maximizing shareholder value. When Banta did not respond to the offer, Burton fired off an October 19 letter stating, “I do not plan to blink and increase our proposal.”