EmailInternational Paper (IP $29.65) announced that it has proposed to
acquire all of the outstanding shares of Temple-Inland (TIN $21.01) for
$30.60 per share in cash.
International Paper first communicated its proposal verbally to the chairman of
Temple-Inland on May 17th, 2011. Subsequently, there has been a call, a
face-to-face meeting between the two sides and two letters of correspondence
from the chairman of International Paper to the chairman of Temple-Inland.
International Paper was informed in a letter from Temple-Inland's chairman dated
June 4, 2011 that the Board of Temple-Inland has unanimously rejected
International Paper's proposal. In response, International Paper today sent a
letter to Temple-Inland expressing its continued interest in pursuing an
acquisition.
"International Paper is very disappointed by your Board's rejection of our
proposal to acquire Temple-Inland for $30.60 per share in cash, which represents
a 44% premium to your market price at noon EDT today ($21.21). We continue to
believe that our proposal represents a highly attractive offer for Temple-Inland
and fairly rewards your shareholders for potential future operational and
cyclical improvement as well as the potential synergies in a combination of our
two businesses. Given the complete lack of interest expressed by your Board's
unanimous rejection of our proposal, we are compelled to take our offer directly
to your shareholders."
than one year.
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