Rayonier increases offer for Canada's Tembec to $475 mln: Reuters
Rayonier Advanced Materials Inc said it raised its offer price for Canadian paper and cellulose pulp maker Tembec Inc to $4.75 per share, valuing the deal at $475 million (US$378.6 million), excluding debt, Reuters reported. Oaktree Capital Management LP, Tembec's top shareholder which earlier opposed the deal, and another shareholder Bennett Management, agreed to vote for the revised offer, Rayonier said. Oaktree last week asked other shareholders to reject Rayonier's deal, terming it as a "flawed" sale process that undervalued Tembec. Oaktree and Bennett together own about 37 percent of the company's outstanding shares. Rayonier said in May it would buy Tembec for US$807 million, including US$487 million of debt.
24 July 2017•2 mins read
