Bidder Tacks On Dollar to Banta Purchase Offer; Cenveo Ceo Raises Bid to $47 Per Share

Summary

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Citing the potential for a "compelling" merger, the unsolicited bidder for Banta Corp. on Tuesday added a dollar to its $46-a-share cash bid for the printing and supply-chain management company in Menasha.

Robert Burton Sr., chairman and chief executive officer of Cenveo Inc., issued a letter to Stephanie Streeter, his counterpart at Banta, taking exception to her dismissal of the earlier bid. The new offer of $47 a share represents a 38% premium to Banta's closing price Aug. 8, the day before Cenveo's initial offer.

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Extract

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Bidder Tacks On Dollar to Banta Purchase Offer; Cenveo Ceo Raises Bid to $47 Per Share

Banta shares rose 13 cents Tuesday to close at $47.42. The share price for Cenveo, an office products printer in Stamford, Conn., increased 41 cents, to $...

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