As the printing industry declined in the early 21st century, Banta spun off several units to focus on its core businesses. In August 2006, Connecticut-based envelope printer Cenveo made an unsolicited offer to buy the company, but Banta's management considered it hostile. (Banta's stock price had recently fallen from the low $40s in late July; it closed at a penny under $34 on August 8, but the news shot the price up to $46 the following day.) Instead, it accepted a $1.3 billion offer from major competitor RR Donnelley of Chicago in October, at $52.50 cash per share ($36.50 plus a $16 special dividend).