A saga of significant corporate governance rulings
October 1999: Shorewood Packaging, a Delaware-based paper manufacturer, shocks rival executives at Richmond, Virginia-based Chesapeake Corporation with an unsolicited $40 per share bid (note: specifying the locations of the two companies isn't journalistic window-dressing, they soon come into play). Chesapeake - trading at roughly $26 per share with annual revenue, at $1 bn, twice that of Shorewood's - rejects the offer, labeling it 'inadequate' and not in the best interests of shareholders
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