Pacific Lumber said it turned down a larger offer.

In a filing with the Securities and Exchange Commission, Pacific said a private company offered to acquire it for $912 million, but management rejected the bid in favor of a $40-a-share bid by Maxxam Group valued at $870 million. Pacific President Gene Elam said the offer was for company assets only. Some analysts said the San Francisco-based forest products concern may be worth as much as $1.5 billion. Separately, a family that holds a major stake in Pacific announced its opposition to the Maxxam offer.