Seeking Alpha

Boise ticks up on activist agitation

Shares of Boise (BZ +1.4%) tick up after Carlson Capital discloses a 6.7M share stake (6.6%) in the company. The firm believes that Packaging Corporation's (PKG -0.5%) 12.55/share (a 23% premium to the stock's price before the announcement) offer is below Boise's realizable valuation of $14-$17/share.

Carlson thinks a divestment of the "secularly challenged" Paper segment would lead to enhanced value through a strategic sale of the Packaging segment. (SC 14D9)

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