September 17, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Boise Inc. (NYSE:BZ) shares, was announced concerning whether the takeover of Boise Inc. by Packaging Corporation of America for $12.55 per NYSE:BZ share is unfair to Boise stockholders.

The investigation by a law firm concerns whether certain officers and directors of Boise Inc. breached their fiduciary duties owed NYSE:BZ investors in connection with the proposed acquisition.

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 investigation concerns whether the $12.55-offer is unfair to NYSE:BZ stockholders. More specifically, the investigation concerns whether the Boise Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

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.

On September 17, 2013, NYSE:BZ shares closed at $12.60 per share.