Tembec top investor seeks to vote against Rayonier deal: Reuters

Tembec Inc's largest shareholder, Oaktree Capital Management LP, asked other shareholders to reject Rayonier Advanced Materials Inc's deal to buy the Canadian paper and cellulose pulp maker, saying it was a "flawed" sale process, Reuters reported. Oaktree, which owns a 19.9 percent stake in Montréal-based Tembec, said there is a significant value gap between Rayonier's offer price and the "real value" of Tembec. Rayonier, which makes high-value cellulose specialties fibres, said in May it would buy Tembec for US$807 million to expand into packaging and forest products. Oaktree, which last week decided to vote against the transaction, said the deal in its current form is unlikely to close.

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