Rayonier takes long road to close Tembec deal

By Barry Critchley
The National Post
November 20, 2017
Category: Business & Politics
Region: Canada, Canada East

Almost six months to the day. That was the time it took for Florida-based Rayonier Advanced Materials Inc. to acquire Montreal-based Tembec Inc., a US$900 million transaction that closed Monday. In that deal, Tembec shareholders received $4.75 a share payable in cash, shares or some combination, subject to overall caps of two-thirds cash and one-third stock. …But getting over the line — in what is probably standard time — was quite the journey as this transaction was different in a couple of ways. For starters, there was considerable opposition from one major shareholder, Oaktree Capital Management L.P. …And just like the fairy tale: all the investors ended up happy.

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