|Bid||3.26 x 274000|
|Ask||3.38 x 259000|
|Day's Range||3.26 - 3.26|
|52 Week Range||0.99 - 3.34|
|PE Ratio (TTM)||9.39|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Rayonier Advanced Materials said it raised its offer price for Canadian paper and cellulose pulp maker Tembec Inc to C$4.75 per share, valuing the deal at C$475 million ($378.6 million), excluding debt. Oaktree Capital Management LP, Tembec's top shareholder which earlier opposed the deal, and another shareholder Bennett Management agreed to vote for the revised offer, Rayonier said. Oaktree last week asked other shareholders to reject Rayonier's deal, terming it as a "flawed" sale process, and that there was a significant value gap between the offer price and the "real value" of Tembec.
Shares in Tembec Inc. rose the most since May after Rayonier Advanced Materials Inc. won support from two key shareholders for its increased bid for the Canadian lumber and paper producer.
Oaktree Capital Group LLC has won support from a prominent shareholder advisory firm in its attempt to block a proposed takeover of Canadian lumber and paper producer Tembec Inc. by Rayonier Advanced Materials Inc. Glass Lewis & Co. urged investors in Montreal-based Tembec to vote against the deal in a report Wednesday, saying the purchase price is too low. The report noted that there’s been a significant increase in Rayonier Advanced’s shares since the deal was announced, suggesting it’s underpaying and could afford to share more of the potential value with shareholders.
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. Oaktree, which owns a 19.9 percent stake in Tembec, said on Monday there is a significant value gap between Rayonier's offer price and the "real value" of Tembec. Rayonier, which makes high-value cellulose specialties fibers, said in May it would buy Tembec for $807 million to expand into packaging and forest products.
Tembec Inc's largest shareholder Oaktree Capital Management LP asked shareholders to vote against Rayonier Advanced Materials Inc's acquisition of the Canadian forest products company. Oaktree, which owns ...
Oaktree Capital Management LP, the largest shareholder of Tembec Inc, said on Friday it would vote against Rayonier Advanced Materials Inc's $807 million acquisition of the Canadian forest products company. Jacksonville, Florida-based Rayonier, which supplies cellulose found in cellphones, computer screens and pharmaceutical drugs, said in May it would buy Tembec to expand into packaging and forest products. In a separate statement on Friday, Tembec said proxy advisory firm Institutional Shareholder Services had recommended that the Canadian firm's shareholders vote in favor of the deal under Rayonier's proposed terms.
Rayonier Advanced Materials said it would buy Canada's Tembec Inc for $807 million including debt to expand its business into packaging and forest products, sending Tembec's shares to a five-year high ...
Rayonier Advanced Materials said on Thursday it would buy Canada's Tembec Inc for $807 million including debt. Tembec shareholders will get C$4.05 in cash, or 0.2302 of a Rayonier share, for every Tembec ...