Memphis, Tennessee, USA, 09 August 2011/PRNewswire via COMTEX/ -- International Paper (NYSE: IP) today announced that it has determined to extend the expiration date for now of its tender offer for all outstanding common shares of Temple-Inland Inc. (NYSE: TIN) for USD 30.60 in cash. Accordingly, the offer and withdrawal rights are now scheduled to expire at 5 p.m., Eastern Time, on 08 September 2011, unless further extended. The tender offer was previously scheduled to expire at 5 p.m., Eastern Time, on 09 August 2011.
Based on a preliminary count by the depositary for the tender offer, approximately 8.5 million shares of Temple-Inland common stock have been tendered and not withdrawn to date. Except for the extension of the expiration date, all other terms and conditions of the tender offer remain unchanged. If the tender offer is extended further, International Paper will issue a press release announcing the extension at or before 9 a.m., Eastern Time, on the next business day after the date the tender offer was scheduled to expire.
Temple Inland's stockholders may obtain copies of all of the offering documents free of charge at the SEC's Web site (www.sec.gov) or by directly requesting copies of all of the offering documents free of charge at Innisfree M&A Incorporated, the information agent for the offer, at 877-456-3488 (toll-free). Banks and brokers may call collect at 212-750-5833.
International Paper's dealer managers for the tender offer are UBS Investment Bank and Evercore Partners. Its legal advisor is Debevoise & Plimpton LLP.
International Paper is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tennessee, the company employs about 59,500 people in more than 24 countries and serves customers worldwide. In 2010, net sales were more than USD 25 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.