Temple-Inland Inc. has acknowledged that International Paper Company (NYSE: IP) announced that it will be commencing an unsolicited offer to acquire all of the outstanding shares of common stock of Temple-Inland for a price of $30.60 per Temple-Inland share in cash.
Consistent with its fiduciary duties and as required by applicable law, Temple-Inland's Board of Directors will review the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. Temple-Inland's stockholders are advised to take no action at this time pending conclusion of the review of the tender offer by Temple-Inland's Board of Directors.
Temple-Inland's Board of Directors, in consultation with its independent financial and legal advisors, intends to advise stockholders of its formal position regarding the announced offer within ten business days from the date of commencement of the unsolicited tender offer by making available to stockholders and filing with the U.S. Securities and Exchange Commission (the "SEC") a Solicitation/Recommendation Statement on Schedule 14D-9.
Goldman, Sachs & Co. is acting as financial advisor to Temple-Inland, and Wachtell, Lipton, Rosen & Katz is acting as Temple-Inland's legal counsel.