Temple-Inland to Review IP's Tender Offer
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Temple-Inland Inc., Austin, Texas, USA, acknowledged this week that International Paper Co. has commenced an unsolicited offer to acquire all of the outstanding shares of common stock of Temple-Inland for a price of $30.60 per Temple-Inland share in cash (see article above). Consistent with its fiduciary duties and as required by applicable law, Temple-Inland says its board of directors will review the offer to determine the course of action that it believes is in the best interests of the company and its stockholders. Temple-Inland's stockholders are advised to take no action at this time pending conclusion of the review of the tender offer by Temple-Inland's Board of Directors.
Temple-Inland adds that its board, in consultation with its independent financial and legal advisors, intends to advise stockholders of its formal position regarding the announced offer within 10 business days from the date of commencement of the unsolicited tender offer by making available to stockholders and filing with the U.S. Securities and Exchange Commission (the SEC) a Solicitation/Recommendation Statement on Schedule 14D-9.
Temple-Inland Inc. is a producer of corrugated packaging and building products. The company's fully integrated corrugated packaging operation consists of 7 mills and 58 converting facilities.
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