MENASHA, Wis., Aug. 16 -- Banta Corporation's Board of Directors today responded to an overture the Company received Aug. 9, 2006, from Cenveo, Inc., regarding its stated interest in acquiring Banta.
Complete text of the letter from Banta's Board follows:
Robert G. Burton, Sr.
Chairman and Chief Executive Officer
One Canterbury Green
Stamford, CT 06901
Dear Mr. Burton,
On behalf of the Board of Directors of Banta Corporation, I am responding to the letter you released publicly on August 9th. Our Board is focused on its fiduciary duties and is committed to acting in the best interests of all of our shareholders. The directors fully support our management team, which remains focused on executing our strategic plan to deliver long-term value for shareholders.
As you acknowledged in your earnings conference call, "Banta is a quality company .... It is well-managed." We could not agree with you more. Our Board strongly believes that the Company is on the right path toward long-term growth and enhanced profitability. Given the competitive nature of both the commercial print industry and the supply-chain management industry, we continue to take steps to drive improved efficiencies while at the same time investing for long-term growth. Banta is a leader in both of our industry segments and we are confident that the Company can continue to be extremely competitive.
In the unanimous view of our Board, you have provided nothing more than a highly conditional and ambiguous overture. In fact, your purported "offer," which is subject to numerous contingencies, including obtaining financing, effecting due diligence and reaching a satisfactory definitive merger agreement, is illusory and therefore merits no further discussion.
On Behalf of the Board of Directors
By: Stephanie A. Streeter
Chairman, President and Chief Executive Officer
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