Hanson Trust raised its stake in SCM to 32.1%.

In doing so, Hanson, whose previous efforts to acquire SCM Corp. were rejected by the company, raised a major obstacle to SCM’s agreement to be bought instead by an investor group that includes Merrill Lynch & Co. and members of SCM’s management. Hanson now owns nearly enough stock to defeat the Merrill proposal of $74 a share, or $910.2 million, which is contingent on the buy-out group receiving a two-thirds approval from SCM shareholders.