International Paper[Paper?:paper sample maker cutting machine] Co., the world’s largest pulp-and-paper maker, is taking its $3.31 billion takeover bid for Temple-Inland Inc. directly to shareholders with a tender offer for all outstanding shares.
The $30.60-a-share proposal, which follows International Paper’s all-cash buyout bid on June 6, begins tomorrow and expires on Aug. 9 at 5 p.m. New York time, the Memphis, Tennessee-based company said today in a statement.
International Paper said its offer is backed by committed finance from UBS AG. Temple-Inland, an Austin, Texas-based rival maker of containerboard used in shipping boxes, has said the takeover bid undervalued the company.
