NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky is investigating the Board of Directors of Temple-Inland Inc. (or “the Company”) (NYSE: TIN) for possible breaches of fiduciary duty and other violations of state law in connection with the Company’s recent adoption of a Stockholder Rights Plan, wherein “Each Right will entitle stockholders to buy one one-hundredth of a share of a new series of junior participating preferred stock at an exercise price of $120.” The adoption of the Rights Plan, otherwise known as a “poison pill,” appears to be in response to an unsolicited bid by International Paper Company (NYSE: TIN) to acquire Temple-Inland for $30.60 per share in cash.
Click here to learn how to join the action: http://www.zlk.com/temple-inland-tin, or call: 877-363-5972.
The investigation concerns whether the Temple-Inland Board of Directors breached its fiduciary duties by not acting in Temple-Inland shareholders’ best interests in connection with the adoption of the Stockholder Rights Plan and its alleged refusal to engage in meaningful discussion with International Paper Company regarding their merger proposal. International Paper Company’s current offer represents a 46% premium to Temple-Inland’s closing price of $21.01 on June 6, 2011, the last trading day prior to the public disclosure of the offer.
If you own common stock in Temple-Inland and wish to obtain additional information, please contact Eduard Korsinsky, Esq. either via email at ek@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.