Each issue of PaperMoney is approximately 500 fact filled pages.
Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
My Profile
Management Side
Tembec Shareholders OK Rayonier's Sweetened Takeover Bid

Montreal, Quebec, Canada 28 July 2017 -- (From news reports) -- Shareholders in Quebec forestry firm Tembec have overwhelmingly endorsed a friendly takeover offer by Rayonier Advanced Materials.

About 95 percent of shareholders voted in favor of the deal, valued at $1.1 billion -- well above the two-thirds support required.

The agreement, which is subject to regulatory approvals, is expected to close by the end of year.

The transaction announced in May was at risk of being rejected until Rayonier Advanced Materials raised its offer in response to threats from Tembec's two largest shareholders that they would vote against it.

Oaktree Capital Management LP and Restructuring Capital Associates LP had raised concerns the offer was too low, but agreed to support the deal after the bid was raised.

Rayonier Advanced Materials agreed to pay $4.75 or 0.2542 of a Rayonier share per Tembec share, subject to a cap that limits the amount of cash to be paid to two-thirds of the deal. The value of the transaction includes debt.

An earlier bid was for $4.05 in cash or 0.2302 of a Rayonier share, subject to a limit of 63 percent on the cash portion of the offer.


Related Articles:

Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: