A judge refused to block Pacific Lumber’s merger.
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A last-ditch attempt by dissident stockholders of Pacific Lumber of San Francisco to block the $832-million takeover of the timber giant by Maxxam Group was rejected by a federal judge, who said the buy-out was in the stockholders’ interest. U.S. District Judge William Schwarzer refused to block a Pacific stockholders’ vote Feb. 25 to approve the merger. Maxxam already owns more than 60% of the company’s stock.
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