Hedge Fund Holding Out For More In $2B Boise Buyout

Law360, New York (September 24, 2013, 1:48 PM EDT) -- A hedge fund that owns about 6.6 percent of Boise Inc. said Tuesday that it won't tender its shares in a $2 billion buyout offer by Packaging Corp. of America and instead proposed spinning off Boise's paper business.

Carlson Capital LP said the packaging business alone is worth up to $17 per share, far more than the $12.55 being offered by PCA for the combined company. Spinning off the paper unit would unlock new value, the New York-based hedge fund said in a letter to Boise's...
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