Tembec Provides Transaction Update

Tembec Inc. (TSX: TMB) (“Tembec” or the “Company”) today provided an update in response to the recent public broadcast solicitation by Oaktree Capital Management, L.P. (“Oaktree”) in connection with the proposed acquisition (the “Arrangement” or the “Transaction”) by Rayonier Advanced Materials Inc. (“Rayonier AM”) of all of the issued and outstanding common shares of Tembec (the “Tembec Shares”).

It is important that the shareholders of Tembec (the “Tembec Shareholders”) be well informed when considering their voting decision. Consequently, the Company reiterates and highlights the following important considerations for Tembec Shareholders:

  • A comprehensive and rigorous sale process was conducted for the sale of the whole or parts of Tembec, during which many potential interested parties were provided confidential information, including current and expected financial results based on price and volume expectation across all of Tembec’s businesses;
  • No third party has made or communicated any intention to make an alternative acquisition proposal since the announcement of the Transaction;
  • The potential negative impact upon Tembec Shareholders if the Arrangement is not approved, including potential stock price decline; and
  • The reasons for the unanimous recommendation of the board of directors of Tembec (the “Board”) to vote FOR the Arrangement and its continued support of the Transaction.

read more/source: http://tembec.com/en/Media/Press-Releases/tembec-provides-transaction-update?section=investors

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