Done deal: International Paper to buy out Temple-Inland
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Sept. 6 — After months of wrangling, including some very public saber-rattling, Temple-Inland Inc. has agreed to be bought out by International Paper Co. in a $ 4.3 billion deal.
Memphis, Tenn.-based International Paper will pay $ 32 per share in cash for Temple-Inland and assume $ 600 million of debt, the companies said.
Boards for both companies have agreed on the terms.
“This transaction creates value for both Temple-Inland and International Paper shareholders. The combined company will be positioned to be a leader in providing high quality products for its customers,” Temple-Inland CEO Doyle R. Simons said in a statement.
Temple-Inland, of Austin, Texas, previously said International Paper’s former offer of $ 30.60 per share grossly undervalued the company.
Temple-Inland uses more than 1 million tons of old corrugated containers each year to make new containerboard. On the building products side, Temple-Inland makes lumber, gypsum, particleboard and fiberboard. International Paper recovers about 6 million tons of recycled fiber each year. That’s about 12% of the total recovered fiber collection in the United States, the company said.
Temple-Inland shares were up $ 6.28 per share, or 25.5 percent, to $ 30.91 in late morning trading Sept. 6.
Contact Waste & Recycling News senior reporter Jim Johnson at [email protected] or 937-964-1289.
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