A lawsuit was filed for investors in shares of Boise Inc. (NYSE:BZ) in effort to stop the proposed takeover and NYSE:BZ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/25/2013 -- An investor, who currently hold shares of Boise Inc. (NYSE:BZ), filed a lawsuit in effort to halt the proposed takeover of Boise Inc. by Packaging Corporation of America for $12.55 per NYSE:BZ share.
Investors who purchased shares of the Boise Inc. (NYSE:BZ) and currently hold any of those NYSE:BZ shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:BZ stockholders arising out of the attempt to sell Boise Inc. too cheaply via an unfair process to Packaging Corporation of America.
On September 16, 2013, Packaging Corporation of America(NYSE: PKG) and Boise (NYSE: BZ) announced that they have entered into an agreement under which Packaging Corporation of America will acquire all of the outstanding common shares of Boise for $12.55 per share in cash, for an aggregate transaction value of $1.995 billion, inclusive of $714 million of outstanding indebtedness of Boise.
However, the plaintiff claims that the $12/55-offer is too low and undervalues Boise Inc. Indeed, Boise Inc. reported that its annual Total Revenue increased from over $1.97 billion in 2009 to over $2.55 billion in 2012. Shares of Boise Inc. (NYSE:BZ) grew from $0.25 per share in February 2009 to as high as $9.82 per share in April 2011.
Furthermore, the plaintiff says that the process is also unfair to NYSE:BZ investors.
On September 24, 2013, NYSE:BZ shares closed at $12.65 per share.
Those who are current investors in Boise Inc. (NYSE:BZ) and purchased their Boise Inc. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego