MENASHA, Wis., March 22 -- Banta Corporation today announced that it has repurchased 1 million shares (approximately 3.9%) of its outstanding common stock under its existing repurchase authorization. The shares were purchased on March 19, 2004 after the close of the New York Stock Exchange from a financial intermediary pursuant to an accelerated share repurchase program. The shares were purchased at a price of $43.69 per share, subject to a market price adjustment provision.
Stephanie Streeter, President and CEO, said, "The funds used for the repurchase were a part of the company's existing cash reserves. We have a very strong balance sheet and believe that it's appropriate to have used a portion of our capital to provide an immediate benefit to our shareholders, while maintaining our ability to invest internally and to make acquisitions."
The company may repurchase additional shares in open market, negotiated, or accelerated share repurchase transactions from time to time, subject to market conditions.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.