Cenveo Graphic Arts Center

STAMFORD, CT—With a Halloween deadline looming until his offer to acquire Banta expires, Cenveo Chairman and CEO Bob Burton made it clear to Stephanie Streeter that he was not in the mood to play ‘trick or treat.’ Citing the two weeks that had passed since increasing his offer to $50 per share for Banta, Burton wrote in a letter dated October 19 that “I do not plan to blink and increase our proposal.” In the letter, Burton speculated that the delay by Streeter, Banta’s chairman, president and CEO, is attributed to her efforts to find another party to pay a higher price. But Banta, he wrote,

MENASHA, WI—Do we hear $51? That is the question Banta Corp. may be asking the consolidation community in the wake of its rejection of a $47 per share bid made by Cenveo and its chairman and CEO, Robert Burton. Cenveo, in return, has raised its bid and set a deadline for a deal. In the same breath, Banta not only rejected Burton’s bid but also decided to revisit the company’s own strategic initiatives for maximizing shareholder value. The ideas being kicked around include, but are not limited to, selling the company, remaining independent, a merger or acquisition, and a further return of capital. Stephanie Streeter, Banta

STAMFORD, CT—History has shown that Cenveo Inc. Chairman and CEO Robert Burton is not the shy, retiring type who takes no for an answer. In his quest to annex Banta Corp., Burton is being true to form. Refuting the assertion that Cenveo’s bid to acquire Banta was “a highly conditional and ambiguous overture,” Burton responded by increasing his offer from $46 to $47 per share ($1.14 billion) and later mailed a formal merger proposal. Attached with the proposal was a warning—Cenveo will find ways of finishing the transaction. “. . .if you (Stephanie Streeter) continue to entrench yourself and repeatedly ignore our proposal, we will have

STAMFORD, CT—Calling Stephanie Streeter’s choice to “hide behind” a poison pill “110 percent un-American,” Cenveo Chairman and CEO Robert Burton sent Streeter—Banta chairman, president and CEO—a proposed merger agreement as well as financing commitment documents to further underscore his commitment to a transaction between the companies. The offer came with a hostile caveat, however. “. . .if you (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.” In a September 20 letter to Streeter, Burton wrote that it was amusing to see Streeter’s announced strategic initiatives to increase shareholder value,

MENASHA, WI—Banta Corp. has announced strategic initiatives that are expected to produce annual cost savings of $35 million, but will result in the closure or sale of five of its facilities. In tandem with the reorganization of its print sector earlier this year, Banta is eliminating 500 positions. The moves are designed to position Banta for global expansion in both its printing and supply chain management businesses, as well as deliver a special $16 per share cash dividend to stockholders. The move comes on the heels of the merger overtures made by Cenveo Inc., of Stamford, CT. Cenveo Chairman and CEO Robert Burton has made a

STAMFORD, CT—Refuting the assertion that Cenveo’s bid to acquire Banta was “a highly conditional and ambiguous overture,” Cenveo Chairman and CEO Robert Burton responded by increasing his offer from $46 to $47 per share, or $1.14 billion. In a letter Tuesday to Stephanie Streeter, Banta chairman, president and CEO, Burton reiterated his belief that a combined company “will maintain a balanced portfolio of print and print-related services enabling it to compete more efficiently in the industry and provide even better service to its customers.” Burton asked Streeter to meet with him to discuss the purchase. As in past courtships of graphic arts concerns, Burton refuses to

STAMFORD, CT—Bob Burton didn’t wait long to identify his next big project. Neither did he have to wait for a response to his overture. 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 might have viewed Cenveo’s proposed, unsolicited acquisition as either fortuitous or extremely predatory. But, in the end, the Menasha, WI-based printer decided it had seen enough. Only one week after Burton’s public revelation of a $1.12 billion offer, or about $46 per share, for the struggling company, Banta Chairman, President and CEO Stephanie Streeter shot back with

MENASHA, WI—Calling Bob Burton’s conditional offer of $1.12 billion to acquire Banta “illusory and...merits no further discussion,” Stephanie Streeter officially nixed the idea of her company joining forces with Cenveo. Streeter, chairman, president and CEO of Banta, penned a brief open letter to Burton, the chairman and CEO of Cenveo, that stressed the Banta directors “fully support our management team, which remains focused on executing our strategic plan to deliver long-term value to our shareholders.” She later wrote that Banta is “on the right path toward long-term growth and enhanced productivity. “...In the unanimous view of our board, you have provided nothing more than a highly

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

STAMFORD, CT—On the heels of Cenveo’s second quarter financial report, Chairman and CEO Bob Burton said that he anticipates non-GAAP earnings to be in the $0.13 to $0.15 per diluted share range, compared to earlier guidance of $0.06 per diluted share. Burton cites the company’s turnaround plan, implemented last September after his management team took control of the company, as a catalyst for the performance. “We continue to deliver the results we have committed to because of our unwavering focus on controlling costs, increasing productivity and growing our business organically,” Burton said in a statement. Cenveo also announced it has terminated the company’s Rights Agreement (commonly known