Highbridge Capital Raises Stake in Takeover Target Banta (BN) to 5%

In a 13D filing after the close yesterday on Banta Corp. (NYSE: BN), Highbridge Capital disclosed a 5% stake (1.2 million shares) in the company. This is up from the 30K share stake the hedge fund disclosed in a quarterly filing with regulators. Highbridge Capital said it may or may not engage in discussions with management of the Company and/or any potential acquirer of the Company concerning the business, operations and future plans of the Company.

Cenveo (NYSE: CVO) has been been trying to acquire Banta since August, and recently raised its offer to $47 per share. Banta said it will review the new offer, after turning away past offers.

Banta recently approved payment of a special cash dividend of $16.00 per share. The dividend is payable November 21, 2006, to shareholders of record on November 10, 2006.

From the 'Purpose of the Transaction' section of the filing:

"Depending on various factors including, without limitation, the terms of Cenveo, Inc.'s proposal to acquire the Company and any other offers or developments that may occur relating thereto, the Company's financial position and business strategy, the price levels of the shares of Common Stock, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Company as they deem appropriate including, without limitation, voting their shares of Common Stock to support or oppose the acquisition of the Company, tendering into an offer to purchase the Company's Common Stock, purchasing additional shares of Common Stock or any of the Company's debt or equity securities, selling or otherwise disposing of some or all of their shares of Common Stock or any of the Company's debt or equity securities, short selling or otherwise hedging some or all of their shares of Common Stock or any of the Company's debt or equity securities, in each case, in the open market or in privately negotiated transactions or otherwise, or changing their intention with respect to any and all matters referred to in this Item 4."

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