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Non-Tech : Office Product Stocks - ODP/SPLS/OMX/VKNG/CEXP/OFIS/BOP
SPLS 10.250.0%Sep 28 5:00 PM EST
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To: Esway who wrote (242)12/6/1999 3:36:00 PM
From: BWAC   of 297
 
And:

Boise Cascade Unit Sued Over $165 Mln Buyout


Wilmington, Delaware, Dec. 2 (Bloomberg) -- Boise Cascade Office Products Corp., a unit of the U.S.'s No. 5 paper producer, was sued by stockholders who contend they won't get enough money for their shares in a planned $165.6 million buyout.

Boise, Idaho-based Boise Cascade said yesterday it would buy the 18.8 percent of Itasca, Illinois-based Boise Cascade Office Products Corp. it doesn't already own for $13.25 per share. The stock rose to $15 at times today.

In one of eight lawsuits made public today in Delaware Chancery Court in Wilmington, Office Products share owner Ernest Hack contends company directors are dominated by the parent company and will violate their duties to get the best price for common stockholders if they agree to the sale.

The proposal ``represents an attempt by Boise Cascade to subvert the interests of the public shareholders, in order to aggrandize its own interests,' Hack says in the suit. He asks a judge to prohibit the transaction and award damages and legal fees.

Officials of Boise Cascade declined to comment on the suits. Shares of Boise Cascade Office Products, which reported $3.06 billion in sales last year, rose 3/16 to 14 7/8 on the New York Stock Exchange. Boise Cascade Corp., with 1998 sales of $6.16 billion, shares rose 1 1/4 to 35 5/16.
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