Rayonier Receives Final Court Approval for Acquisition of Tembec
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Rayonier Advanced Materials Inc., Jacksonville, Fla., USA, and Tembec Inc., Montreal, Que., Canada, this week announced that the Québec Superior Court (Canada) issued a final order approving the previously announced statutory arrangement under Section 192 of the Canada Business Corporations Act, involving the acquisition by Rayonier Advanced Materials of all of the outstanding shares of Tembec.
The Transaction has already received clearance from Germany's Federal Cartel Office, and the U.S. Department of Justice and the Federal Trade Commission have notified Rayonier Advanced Materials and Tembec that the Hart-Scott-Rodino premerger notification waiting period was terminated. Applications for clearance from the applicable regulatory authorities in Canada and China, respectively, are pending. Subject to obtaining other necessary approvals, as well as the satisfaction or waiver of the conditions to the Transaction, it is expected that the Transaction will be completed in the fourth quarter of 2017.
