Asset
management firm Carlson Capital revealed it owns a 6.6% stake in Boise and that
it will not vote in favor of the $1.995 billion acquisition of
the company by
Packaging Corp of America, inclusive of $714 million of Boise debt, Reuters reported.
Carlson
Capital believes Boise should spin off its graphic paper businesses which
include uncoated freesheet, newsprint and specialty papers, Reuters said, based
on a Carlson Capital SEC filing Tuesday. The Los Angeles-based firm said it
valued Boise at $14-$17/share compared with PCA's bid of $12.55.
