Shareholders sued to block a Pacific Lumber bid.
Stanwood A. Murphy Jr., Warren Murphy and Suzanne Murphy Civian--major shareholders and descendants of a former Pacific chairman--sued in federal court in San Francisco for an injunction against Maxxam Group’s $40-a-share takeover of San Francisco-based Pacific Lumber. The plaintiffs contended that the Maxxam deal requires approval of at least 80% of Pacific’s shareholders, not majority approval as maintained by Maxxam. A hearing is scheduled for Friday.
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