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Tembec shareholders approve $1.1-billion takeover by Rayonier [Toronto Globe and Mail (Ontario, Canada)]

RAYONIER (RYN)  More Company Research Source: Toronto Globe and Mail
Last rayonier earnings: 8/1 04:15 pm Check Earnings Report
PDF Shareholders in Quebec forestry firm Tembec Inc. overwhelmingly endorsed a friendly takeover offer by Rayonier Advanced Materials Inc., a chemical-products company based in Florida. About 95 per cent of shareholders who voted were in favour of the deal, valued at $1.1-billion – well more than the two-thirds support required. The agreement, which is subject to regulatory approvals, is expected to close by the end of year. Although Rayonier is not constrained by any written guarantees, it has committed to maintain a Canadian head office and further invest in the company, which is good news for employees, outgoing Tembec chief executive James Lopez said. “They are going to accelerate and spend that money faster and probably spend more, so it’s going to be a stronger company,” he said after the vote. The transaction, announced in May, was at risk of being rejected until Rayonier raised its offer in response to threats from Tembec’s two largest shareholders that they would vote [Read more]

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