Shareholder Sues Temple-Inland Over Buyout Rejection

Law360, New York (July 22, 2011, 6:15 PM EDT) -- A Temple-Inland Inc. shareholder filed a joint class action and derivative complaint Friday in Delaware state court against the company's board, saying board members rejected a merger offer from International Paper Co. in order to keep financial benefits for themselves.

Shareholder Tammy Raul filed suit on behalf of all Temple-Inland shareholders who were allegedly harmed by the defendants' refusal to play ball regarding the takeover proposal.

According to the complaint, on May 19, International Paper submitted to Temple-Inland a takeover offer of $30.60 per share in...
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