International Paper completes acquisition of Temple-Inland
Lufkin, TX — International Paper Company (NYSE: IP) today announced that it has completed its acquisition of Temple-Inland Inc. (NYSE: TIN) through the merger of its wholly owned subsidiary Metal Acquisition Inc. with and into Temple-Inland. Temple-Inland is now a wholly owned subsidiary of International Paper. Under the terms of the transaction, each issued and outstanding share of Temple-Inland common stock has been converted into the right to receive $32.00 in cash, without interest thereon, and less any applicable withholding taxes. Including the assumption of approximately $700 million in Temple-Inland net debt, the total transaction value is approximately $4.5 billion.
Read the full story and developments from the Lufkin Daily News here.