Second Tembec investor opposes Rayonier's $807 mln buy

U.S. hedge fund manager Restructuring Capital Associates (RCA) said it expects to vote its shares of Tembec Inc (TSX: TMB) against the proposed merger with Rayonier Advanced Materials Inc (NYSE: RYAN). RCA, Tembec's second largest shareholder with a 17.1 percent interest, said it supports the Canadian paper and cellulose pulp maker but agrees with the arguments made by Oaktree Capital Management against Rayonier's acquisition. The deal, announced in May, is valued at US$807 million. Shareholders will vote on July 27.

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