Newspaper article The Canadian Press

Tembec's Largest Shareholder Opposes Takeover by Rayonier Advanced Materials

Newspaper article The Canadian Press

Tembec's Largest Shareholder Opposes Takeover by Rayonier Advanced Materials

Article excerpt

Large Tembec shareholder to vote against deal

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MONTREAL - Tembec's largest shareholder says it will vote against the sale of the forestry company to Rayonier Advanced Materials unless the offer price is raised.

In an open letter to shareholders sent Friday, Oaktree Capital Management says Tembec's shareholders are not receiving a fair value.

Tembec shareholders (TSX:TMB) are being offered C$4.05 in cash or 0.2302 of a share in Rayonier Advanced Materials, subject to a cap on the total amount of cash and shares that will be issued.

The friendly offer is 37 per cent above where Tembec's shares traded before the offer, however it lags the $4.21 the shares traded for Friday on the Toronto Stock Exchange.

Oaktree holds a 19. …

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