Banta Wants Out of Proposed Acquisition Of Mentor Media, Seeks Court Help
Tuesday, October 22, 2002
MENASHA, Wis., Oct. 21 -- Banta Corporation today announced its intention to seek a court ruling for the termination of its proposed acquisition of Singapore-based Mentor Media Ltd. (Singapore Stock Exchange) due to Mentor's failure to satisfy certain material conditions required to close the transaction. Banta has consulted with the Singapore Securities Industry Council in connection with this intention, as required under the Singapore Takeovers Code. The proposed transaction was announced on June 20, 2002. On October 18, 2002, based on the parties' submissions and the documents produced, the Securities Industry Council decided that Banta may not invoke certain conditions precedent to terminate the transaction. The parties' submissions to the Securities Industry Council revealed certain issues of a legal nature which are more appropriately determined by the court. The Securities Industry Council's ruling of October 18 was not intended, and should not be taken, to prejudge the court's determination of those issues. Banta believes that it has meritorious grounds to obtain a court ruling for the termination of the agreement relating to the transaction.