Austin, Texas, USA, 11 July 2011 -- (BUSINESS WIRE) -- Temple-Inland Inc. (NYSE: TIN) today acknowledged that International Paper Company (NYSE: IP) announced that it will be commencing an unsolicited offer to acquire all of the outstanding shares of common stock of Temple-Inland for a price of USD 30.60 per Temple-Inland share in cash.
Consistent with its fiduciary duties and as required by applicable law, Temple-Inland's board of directors will review the offer to determine the course of action that it believes is in the best interests of the company and its stockholders. Temple-Inland's stockholders are advised to take no action at this time pending conclusion of the review of the tender offer by Temple-Inland's board of directors.
Temple-Inland's board of directors, in consultation with its independent financial and legal advisors, intends to advise stockholders of its formal position regarding the announced offer within 10 business days from the date of commencement of the unsolicited tender offer by making available to stockholders and filing with the U.S. Securities and Exchange Commission (SEC) a solicitation/recommendation statement on Schedule 14D-9.
Investors and stockholders of Temple-Inland will be able to obtain free copies of the Solicitation/Recommendation Statement and other documents containing important information about Temple-Inland once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Temple-Inland will be available free of charge on Temple-Inland's Web site at www.templeinland.com or by contacting Temple-Inland's Investor Relations Department at 512-434-3766.
Goldman, Sachs & Co. is acting as financial advisor to Temple-Inland, and Wachtell, Lipton, Rosen & Katz is acting as Temple-Inland's legal counsel.
Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of seven mills and 58 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial, and repair and remodeling markets. Temple-Inland's Web address is www.templeinland.com.