Boise Hit With Shareholder Class Action Over $2B Merger

Law360, Los Angeles (September 25, 2013, 7:23 PM EDT) -- Packaging Corp. of America's planned $2 billion buyout of rival Boise Inc. hit more turbulence Wednesday when a stockholder alleged in a class suit filed in Delaware state court that Boise's directors breached their fiduciary duties by not securing a better deal for investors.

DCM Multi-Manager Fund LLC's suit, filed a day after shareholder Carlson Capital LP said it wouldn't tender its shares in the merger, alleges Packaging Corp. is getting “a great deal.” Packaging Corp. will acquire each share of common stock for $12.55 per...
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