Rayonier wraps up $1.1 bln acquisition of Tembec

Rayonier Advanced Materials Inc (NYSE: RYAM) has closed its acquisition of Tembec Inc, a Montréal-based paper and cellulose pulp maker, for about $1.1 billion. Jacksonville, Florida-based Rayonier said the deal combines two complementary cellulose businesses and will help diversify its product offerings with integrated forest products, paper, paperboard and newsprint businesses. Rayonier increased its offer for Tembec in July when Oaktree Capital Management and Restructuring Capital Associates, the Canadian company's two largest shareholders, raised concerns about the initial bid.

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