A suit to derail Pacific Lumber’s sale was rejected.

An attempt by minority stockholders of Pacific Lumber to derail a proposed takeover by Maxxam Group by requiring 80% approval from Pacific’s shareholders was rejected by a federal judge in San Francisco. U.S. District Judge William Schwarzer said there was no basis for the three minority shareholders’ claims that Maxxam owned or controlled 5% of Pacific’s stock on Oct. 22, when Pacific’s board of directors approved the $864-million takeover bid. Pacific’s articles of incorporation require a vote of approval by holders of 80% of its shares for a takeover by anyone who controls at least 5% of the stock. Maxxam has offered $40 a share for Pacific’s 21.8 million shares. The deadline for acceptance is next Friday.