New Developments In Smurfit-Stone Sale

RockTenn's $3.5 billion dollar purchase of Smurfit-Stone took a step forward Monday with news that federal regulators have signed off on the deal, which would mean the loss of Smurfit-Stone's Creve Coeur headquarters. The Federal Trade Commission gave the OK on the deal between the containerboard manufacturers, which was just announced late last month. Shareholders from both companies still have to approve RockTenn's purchase

Also Monday, a law firm representing Smurfit-Stone shareholders announced it is filing suit, charging the amount being offered "is grossly unfair, inadequate, and substantially below the fair or inherent value."

Last week, The Wall Street Journal and other outlets reported that a trio of hedge funds, which together have a 9 percent stake in Smurfit-Stone, intend to vote against the deal, calling it a steal.

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