Oaktree opposes Rayonier's $807 mln purchase of Tembec: Reuters
Oaktree Capital Management LP, the largest shareholder of Tembec Inc, said it would vote against Rayonier Advanced Materials Inc's US$807 million acquisition of the Canadian forest products company, Reuters reported. The U.S. investor, which owns 19.9 percent of Tembec, called on Rayonier to sweeten its bid, saying: "If the offer is not increased, we believe Tembec shareholders would be better off...independent." Jacksonville, Florida-based Rayonier, which supplies cellulose found in cellphones, computer screens and pharmaceutical drugs, said in May it would buy Tembec to expand into packaging and forest products.
14 July 2017•1 min read
