International Paper's proceed will be the newest volley from the takeover battle. Temple-Inland has repeatedly dismissed the takeover method as undervalued, and final calendar month the organization arranged up a poison pill aimed at limiting how large of the stake any man or women shareholder can own.
We're serious, and we are committed to thinking about all other alternatives heading forward,” John Faraci, intercontinental Paper's chairman and chief executive, informed DealBook inside of a phone interview.
International cardstock sought to emphasize the generosity of its offer. Mr. Faraci mentioned that he believed Temple-Inland's present worth being about $21 to $24 a share, and additional that even though his organization is providing a great deal now implied he will not increase his bid by much.
They're an excellent company, and I respect the management, but this offer requires being decent for each sets of shareowners, he said. This is not really a offer which has being completed at any selling price by intercontinental Paper.
He additional that intercontinental cardstock experienced secured committed funding from a single of its advisers, UBS.
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