Printing Company Cenveo Submits Bid for Banta to no Avail
Though reeling from disappointing quarterly earnings and a scaling-back of printing sites from five to just two, Wisconsin-based printing company Banta rejected rival Cenveo's buyout offer of $1.1 billion, saying that the company was not for sale.
Cenveo contended that the merger would have produced a printing powerhouse with more than $3 billion in sales that would be more competitive than either entity could be on its own.
Following the news, Banta shares sky-rocketed roughly 35% to $46.15, before receding slightly. Cenveo, for its part, posted a more modest gain of 4%, to $19.25 a share.
Banta made news in the back in April when it partnered with Geoscape to more effectively identify social and economic nuances within the U.S. Hispanic market (/productdetails.aspx?productID=1779).
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