Temple-Inland

TIN) referred to as "Temple-Inland" or the "Company") to International Paper Co.

unknown title 2011

"The Temple-Inland Board is unanimous in its belief that the offer grossly undervalues Temple-Inland and its prospects," said Chairman and Chief Executive Doyle R.

Temple-Inland Board Rejects International Paper's Hostile Bid Bob Tita 2011

International Paper Chairman and Chief Executive John Faraci acknowledged that the tender offer is largely a tactical move to demonstrate the Memphis, Tenn., company's commitment to buying Temple-Inland.

Paper Company's Offer Goes Hostile Bob Tita 2011

Temple-Inland is the fourth-largest producer of industrial and corrugated packaging in North America with a 10% share of the market.

Paper Company's Offer Goes Hostile Bob Tita 2011

But International Paper's tender offer will need the support of the Temple-Inland board to prevail.

Paper Company's Offer Goes Hostile Bob Tita 2011

Temple-Inland Inc.'s board unanimously rejected International Paper Co.'s $3.3 billion hostile takeover bid Monday, saying that it "grossly undervalues" Temple-Inland and urged holders not to tender their shares.

Temple-Inland Board Rejects International Paper's Hostile Bid Bob Tita 2011

The Temple-Inland board would have to repeal the poison pill for International Paper to proceed with an acquisition.

Paper Company's Offer Goes Hostile Bob Tita 2011

Temple-Inland said it will review the $3.3-billion cash bid and provide investors with an opinion within 10 business days.

Paper Company's Offer Goes Hostile Bob Tita 2011

The Temple-Inland board would have to repeal the poison pill for International Paper to proceed with an acquisition.

Temple-Inland Board Rejects International Paper's Hostile Bid Bob Tita 2011

In after-hours trading, Temple-Inland is up 0.2% at $30.61 a share, while International Paper is unchanged from its closing price of $29.94.

Paper Company's Offer Goes Hostile Bob Tita 2011