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Boise Cascade won’t try IPO

Decision follows bad reviews from analysts, press

Faced with an unreceptive market, Boise Cascade Co. on Wednesday withdrew its plans to go public with a stock offering of 16 million shares.

The decision ended a tumultuous week for the Boise-based wood products and paper manufacturer.

On Tuesday, the company decided to delay its initial public offering, known as an IPO, after setting a price range of $24 to $26 per share. On Wednesday morning, underwriters for Boise Cascade cut the estimated price range to $17 to $19 per share. But in a filing with the Securities and Exchange Commission, the company said it would proceed with the IPO.

Then, Wednesday afternoon, Boise Cascade chief executive officer Tom Stephens announced that the company was withdrawing its plans for an IPO.

"When we started down this path, market conditions were obviously much different than they are at this time," Stephens said. "We concluded that it was in the best interest of our existing shareholders not to proceed in the current climate.

… Now, we are going to rededicate our efforts to running our businesses and executing our business strategies."

Mike Maharry
The Idaho Statesman

Full Story: http://www.idahostatesman.com/apps/pbcs.dll/article?AID=/20050519/NEWS02/505190339/1029

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