STAMFORD, Conn. (AFX) - Cenveo Inc., a maker of envelopes and provider of digital printing services, on Tuesday boosted its hostile bid to acquire printing company Banta Corp. by 6 percent to $50 per share, or $1.21 billion, after Banta turned down its latest overture.
Earlier Tuesday, Menasha, Wis.-based Banta rejected Cenveo's previous $47-per-share offer, which amounted to about $1.13 billion. In August, Cenveo offered to buy Banta for $46 a share, but Banta declined and opted instead to announce a restructuring that would close five printing plants and trim its work force by 500.
In a statement, Cenveo said the $50-per-share bid 'represents our best and final proposal to acquire Banta.' The company backed its view 'that a combination of these two companies is in the best interests of both companies' shareholders.'
Banta said its board determined the $47-per-share deal was not in the best interests of its shareholders.
Cenveo's latest offer is set to expire Oct. 31.
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