Temple-Inland Rebuffs International Paper’s Acquisition Proposal
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“In this regard, the Temple-Inland Board of Directors unanimously determined that International Paper’s proposal announced yesterday to acquire the company grossly undervalues Temple-Inland and its future prospects and is not in the best interests of Temple-Inland stockholders.”
The shareholder rights will be exercisable only if a person or group acquires 10 percent or more of Temple-Inland’s common stock. Each right will entitle stockholders to buy one one-hundredth of a share of a new series of junior participating preferred stock at an exercise price of $120.
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