International Paper (IP) Makes $30.60/Share Hostile Bid for Temple-Inland (TIN)
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Shares of Temple-Inland (NYSE: TIN) are now up more than 43 percent from Monday's closing price following news International Paper (NYSE: IP) has made a hostile bid for the company at $30.60 per share.
With TIN shares closing at $21 this afternoon, the offer represents a 45.7 percent premium.
International Paper said it first made a verbal proposal to Temple-Inland's Chairman and CEO Doyle Simons on May 17th. Since then, the companies have conducted a call, a face-to-face meeting and two letters of correspondence from IP's Chairman and CEO John Faraci to Simons.
Faraci said, "We are very disappointed with the response of Temple-Inland's Board of Directors. We believe that our proposal offers clearly superior and compelling value to Temple-Inland's shareholders. Our proposal reflects the future business plans and economic outlook for Temple-Inland and for the sector, and incorporates a significant portion of the cost savings resulting from the merger of International Paper and Temple-Inland, while at the same time creating value for International Paper shareholders."
Notably, shares of IP are up about 3.8 percent to $30.80.
With TIN shares closing at $21 this afternoon, the offer represents a 45.7 percent premium.
International Paper said it first made a verbal proposal to Temple-Inland's Chairman and CEO Doyle Simons on May 17th. Since then, the companies have conducted a call, a face-to-face meeting and two letters of correspondence from IP's Chairman and CEO John Faraci to Simons.
Faraci said, "We are very disappointed with the response of Temple-Inland's Board of Directors. We believe that our proposal offers clearly superior and compelling value to Temple-Inland's shareholders. Our proposal reflects the future business plans and economic outlook for Temple-Inland and for the sector, and incorporates a significant portion of the cost savings resulting from the merger of International Paper and Temple-Inland, while at the same time creating value for International Paper shareholders."
Notably, shares of IP are up about 3.8 percent to $30.80.
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