Wednesday's Winners & Losers: Banta

Shares of Banta (BN Quote) were among the NYSE's top gainers Wednesday, soaring 35% after Cenveo (CVO Quote) went public with an offer to buy the printing-services company.

In a letter to Banta's CEO, Cenveo said it will pay $46 a share for the company, which is a 35% premium of over Banta's closing price of $33.99 Tuesday. The letter indicated that Cenveo previously made overtures to the company, but Banta has said it is not for sale and has not returned recent telephone calls or emails. For its part, Cenveo said a merger would provide substantial benefits and create a $3 billion "print powerhouse."

"We sincerely hope that, on further reflection together with Banta's other directors, you and Banta's entire Board will share our enthusiasm for the transaction," Cenveo said. "This matter has our highest priority, and we are committed to working with you in any way we can to bring this vision to fruition." Banta shares recently were up $12.04 to $46.03, while Cenveo rose 80 cents, or 4.3%, to $19.30.

Foster Wheeler (FWLT Quote) shares rose 6% after the engineering and construction company posted second-quarter results that beat the projection of analysts. Foster Wheeler earned $108.4 million, or $1.53 a share, including a $79.6 million gain related to an asbestos insurance settlement. Excluding that gain and certain charges, earnings were $43.1 million, or 61 cents a share. Analysts polled by Thomson First Call expected earnings of 41 cents a share, before items. Foster Wheeler reported revenue of $745.3 million, above analysts' forecast of $690 million. A year earlier, the company recorded net income of $27.9 million, or 55 cents a share, on revenue of $526 million. Shares recently were up $2.20 to $41.45.

Fellow engineering company Chicago Bridge & Iron(CBI Quote) advanced 6% after its second-quarter earnings easily topped Wall Street's forecast. The company posted earnings of $32.6 million, or 33 cents a share, on revenue of $744.2 million. Analysts expected a profit of 24 cents a share, with revenue of $671.6 million. A year earlier, earnings totaled $14.9 million, or 15 cents a share, on revenue of $548.8 million. Shares recently were up $1.53 to $25.91.