SCM’s board rejected Hanson Trust’s takeover bid.

In taking the action, SCM Corp.’s directors said the $755-million bid from the British conglomerate was inadequate and instructed management to work with investment bankers Goldman, Sachs to explore ways of maximizing the company’s value to shareholders, including a possible leveraged buy-out. The board said it believed that “there could be a much better deal for its stockholders, employees and all other members of the SCM family.”