Banta Settles Mentor Media Suit, To Take $4.6 Million Charge
Press release from the issuing company
MENASHA, Wis., June 26 -- Banta Corporation today announced it has settled its lawsuit with Singapore-based Mentor Media, Ltd. relating to its proposed acquisition of Mentor. Banta will record a one-time charge of $4.6 million in the second quarter in connection with the settlement.
"While we believe Banta has meritorious grounds to obtain a court ruling for the termination of the agreement relating to the proposed acquisition," said Stephanie Streeter, Banta president and chief executive officer, "we are convinced this settlement is in the best interests of our shareholders and the Corporation. By taking decisive action now, we can refocus our resources on accelerating Banta's Asian expansion efforts while avoiding an expensive and protracted trial in a foreign venue."
Banta Corporation is a technology and market leader in printing and supply-chain management. The corporation provides a comprehensive combination of printing and digital imaging solutions to leading publishers and direct marketers, including advanced digital content management and e-business services. Banta's global supply-chain management businesses provide a wide range of outsourcing capabilities to the world's largest companies. Services range from materials sourcing, customized kitting and product configuration to order fulfillment and global distribution.
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