Shareholders File Lawsuits over Tl's Refusal to Consider IP's Bid

摘要

Earlier this month, two shareholders in Temple-Inland Inc. (TI) filed lawsuits over the board's refusal to consider a $3.31 billion takeover bid by paper-maker International Paper Co. (IP), according to reports from Reuters and Bloomberg. Austin, Texas-based TI said it rejected the IP bid because it undervalued the company, and adopted a poison pill strategy that would make the IP purchase prohibitively expensive.