Less than a year after purchasing it in a hostile takeover, International Paper (IP) has agreed to sell its Temple-Inland Building Products division to Georgia-Pacific for $750 million in cash, subject to certain pre-and post-closing adjustments. The assets to be sold include16 manufacturing facilities: five solid wood mills, four particleboard plants, two medium-density fiberboard plants, one fiberboard plant and four gypsum wallboard plants.
Anchor Peabody, a private investment and financial advisory firm specializing in the U.S. building products and construction industry, has added Harold Stanton and Paul Haefcke to its advisory board.
Stanton is the former CEO of Pope & Talbot. His 40-year career in the wood products industry includes various executive leadership positions with Louisiana Pacific, International Paper and APA – The Engineered Wood Association.
International Paper (IP) has announced the completed acquisition of Temple-Inland, which will now become a wholly owned subsidiary of IP. Under the terms of the transaction, each issued and outstanding share of Temple-Inland common stock will fetch $32.00 in cash, including the assumption of approximately $700 million in Temple-Inland net debt. The total transaction value is approximately $4.5 billion.
International Paper (IP) announced that it has extended the Department of Justice’s review period with respect to the company’s acquisition of Temple-Inland. The new deadline has been moved from Jan. 27 to Feb. 13.
In a prepared statement, IP chairman and CEO John Faraci said: "We have been working constructively with the DOJ to address its concerns and anticipate entering into a definitive agreement on terms that are acceptable to all parties."
International Paper’s attempt to take over Temple-Inland concluded today with an announcement that the two companies have entered into a merger agreement.
International Paper will acquire all of the outstanding common stock of Temple-Inland for $32 per share in cash, plus the assumption of $600 million in Temple-Inland’s year-end debt. The total transaction value is approximately $4.3 billion.
The takeover battle for Temple-Inland continues to escalate as the Austin, Texas, wood products supplier issued a statement today urging its stockholders to reject an unsolicited offer from International Paper (IP). Temple-Inland’s board of directors voted unanimously to reject the $30.60-per-share offer because it undervalues the company. The timing of the offer is also “extremely opportunistic,” the company said in its official recommendation.
After being rebuffed by Temple-Inland’s board of directors, International Paper is making an unsolicited offer to acquire all the outstanding shares of common stock of the wood products company for $30.60, according to documents filed with the Securities ad Exchange Commission (SEC).
Temple-Inland, one of the industry’s largest producers of wood and paper products, announced June 6 that it has received an unsolicited offer from International Paper Co. (IP), another pulp and paper giant, to acquire the company for $30.60 per Temple-Inland share in cash.
Molpus purchased the tract from Rock Creek Capital, which in turn acquired the acreage from...
Molpus Woodlands Group, a timberlands investment management group, has announced the acquisition of 124,521 acres of pine in the states of Virginia, North Carolina, Georgia, Florida, Alabama, Mississippi and Louisiana. Molpus purchased the tract from Rock Creek Capital, which in turn acquired the acreage from International Paper Co.