Rayonier Advanced Materials reiterates commitment to acquire Tembec on agreed terms
Tembec Institutional Shareholder Services (“ISS”) has recommended that shareholders of Tembec vote for the proposed plan of arrangement involving the acquisition by Rayonier Advanced Materials of all of the outstanding shares of Tembec.
In connection with this recommendation, ISS noted that: “The proposed premium offer consideration provides shareholders with flexibility to participate in the growth opportunities associated with the combined business of increased size, scale and liquidity and/or to receive the consideration in the form of cash that provides immediate liquidity (subject to proration limits). In light of the premium offer consideration, the favourable market reaction and the sound strategic rationale, shareholder approval of this arrangement is warranted.”
The board of directors of Tembec has unanimously determined that the Arrangement is in the best interests of Tembec. The Board has unanimously approved the Arrangement and recommends (without any abstention) that Tembec shareholders vote FOR the Arrangement Resolution.