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Some skeptical stock market analysts last week questioned whether Boise Cascade Corp. had offered enough cash in its proposed $165.6 million buyout of Boise Cascade Office Products (NYSE: BOP).
In a teleconference with a lineup of Wall Street heavyweights, Boise Cascade CEO George Harad defended the $13.25 per share bid to purchase the remaining 18.8 percent minority (approximately 12.5 million shares) of outstanding
BCOP stock not held by Boise Cascade.
BCOP stock was trading at $11.50 per share prior to the offer and jumped 2 - to $14 after the news, according to a Reuters News Service story.
One brokeage firm representative characterized the offer as "extremely low" and asserted that the per-share bid should be in the $20 range. He challenged Harad with the fact that the stock had jumped to a higher rate than the offer.
"We believe the price we have offered to Boise Cascade Office Products shareholders is fair, given a number of valuations ... we looked at a number of...