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Boise Inc. (NYSE:BZ) Investor Files Lawsuit In effort To Halt The Proposed Takeover At $12.55 Per Share

  • If yu purchased shares of the Boise Inc. (NYSE:BZ) and currently hold any of those NYSE:BZ shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Boise Inc.
Security
NYSE: BZ

Case Name
Boise Deal Case 09/23/2013
Type of Lawsuit
Mergers and Acquisition
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Summary

September 24, 2013 (Shareholders Foundation) - 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.
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.