Tembec shareholders approve honeyed takeover bid from Florida company

About 95 per cent of Tembec’s shareholders voted in foster of a $1.1-billion takeover offer from Rayonier Advanced Materials. (Paul Chiasson/Canadian Press)

Shareholders in Quebec forestry organisation Tembec have overwhelmingly permitted a accessible takeover offer by Rayonier Advanced Materials, a chemical products association formed in Florida.

About 95 per cent of shareholders voted in foster of a deal, valued during $1.1 billion — good above a two-thirds support required.

The agreement, that is theme to regulatory approvals, is approaching to tighten by a finish of year.

The transaction announced in May was during risk of being deserted until Rayonier Advanced Materials lifted a offer in response to threats from Tembec’s dual largest shareholders that they would opinion opposite it.

Oaktree Capital Management LP and Restructuring Capital Associates LP had lifted concerns a offer was too low, though concluded to support a understanding after a bid was raised.

Rayonier Advanced Materials concluded to compensate $4.75 or 0.2542 of a Rayonier share per Tembec share, theme to a top that boundary a volume of money to be paid to two-thirds of a deal. The value of a transaction includes debt.

Article source: http://www.cbc.ca/news/business/tembec-takeover-approval-1.4224197?cmp=rss