The stock for Menasha-based Banta Corp. rose $8.15 to $52.45 per share this morning after the company announced Tuesday evening it has agreed to be acquired by R.R. Donnelley & Sons Co. of Chicago for $1.3 billion in cash.
By accepting Donnelley's offer, Banta shunned a hostile takeover bid by Cenveo Inc.
The Donnelley deal values Banta at $36.50 per share, after a $16-per-share special dividend previously declared by Banta.
The transaction, which remains subject to regulatory and shareholder approval, has been unanimously approved by both companies' boards and is expected to close in the first quarter of 2007.
Although the acquisition means Wisconsin will lose another corporate headquarters, the state received some good news earlier this week when Magnetek Inc. announced it has moved its corporate headquarters to Menomonee Falls from Chatsworth, Calif.
Magnetek's stock, which trades with the "MAG" ticker symbol on the New York Stock Exchange, will be added to the BizTimes Stock Index.
The BizTimes Stock Index lost 1.63 points to close 167.61 Tuesday, and local stocks continued to stumble in early morning trading today. The largest local decliners this morning were Badger Meter Inc. (down $1.23 to $24.00) and Joy Global Inc. (down 93 cents to $38.18). The largest local advancers this morning were Johnson Controls Inc. (up 90 cents to $82.44) and Weyco Group Inc. (up 65 cents to $24.63). The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.
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