Sweetened bid for Tembec wins support from shareholders who against deal

Rayonier Advanced Materials Inc. has lifted a takeover offer for Tembec Inc. to win a support of dual of a forestry company’s largest shareholders who had threatened to retard a accessible deal.

Rayonier and Tembec pronounced Oaktree Capital Management LP and Restructuring Capital Associates LP have now concluded to support a takeover.

The understanding requires support from a two-third infancy opinion during a shareholder assembly Thursday.

Oaktree and Restructuring Capital, who had lifted concerns a offer was too low, together reason a 37 per cent interest in Tembec, adequate to kill a deal.

U.S.-based Rayonier increasing a offer to $4.75 or 0.2542 of a Rayonier share per Tembec share late Sunday night, theme to a top that boundary a volume of money to be paid to two-thirds of a deal.

Tembec shares had been trade for some-more than Rayonier’s progressing bid of $4.05 in money or 0.2302 of a Rayonier share, theme to a extent of 63 per cent on a money apportionment of a offer.

Article source: http://www.cbc.ca/news/business/tembec-rayonier-1.4219206?cmp=rss