A shareholder sued the board of corrugated packaging maker Temple-Inland Inc (TIN.N) to roll back the company's "poison pill" defense against a $3.3 billion hostile takeover bid by rival International Paper Co (IP.N). The board of directors is accused of violating its duty to shareholders by refusing to negotiate with International Paper to improve its bid or to begin a sale process for the company, according to the complaint, which was filed on Friday in Delaware Chancery Court. The lawsuit was filed by shareholder Tammy Raul, who in court papers accused the Temple-Inland board of seeking to entrench itself and to protect board members' "lucrative" pay. Temple-Inland did not immediately return a call for comment.
Temple-Inland Inc. manufactures corrugated packaging and building products, which the Company considers as two separate operating segments. Shares of TIN fell by 0.52% or $-0.16/share to $30.68. In the past year, the shares have traded as low as $15.48 and as high as $31.58. On average, 2661470 shares of TIN exchange hands on a given day and today's volume is recorded at 1834889.
International Paper Company (International Paper) is a global paper and packaging company, with markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Shares of IP fell by 0.29% or $-0.09/share to $30.77. In the past year, the shares have traded as low as $19.33 and as high as $33.01. On average, 5787490 shares of IP exchange hands on a given day and today's volume is recorded at 2684702.
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