Koppers shareholders filed suit to block a...
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Koppers shareholders filed suit to block a hostile takeover bid for Koppers Co. by British investor Brian Beazer and the New York investment bank Shearson Lehman Hutton Inc., a Pittsburgh-based law firm announced. The lawsuit alleges that Shearson violated securities laws by causing Koppers shares to be sold for less than fair value, Joe Katarincic of Kirkpatrick & Lockhart said. BNS Inc., a company which Shearson and Beazer own, has made a $60-per-share cash tender offer worth an estimated $1.7 billion for the Pittsburgh construction materials and chemicals company.
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