Rayonier boosts offer for forest products maker Tembec

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In Canada, Rayonier Advanced Materials and Tembec entered into an amendment agreement in which Rayonier Advanced Materials agreed to acquire Tembec for an increased consideration at C$4.75 per Tembec share. The revised terms were unanimously approved by the boards of directors of both companies. The increased consideration represents a 17% increase from the initial terms and a premium of 61% to the closing price of Tembec’s shares on May 24, the day before the initial acquisition announcement.

Under the new terms, Tembec shareholders will have the right to elect to receive either C$4.75 in cash or 0.2542 shares of Rayonier Advanced Materials common stock per Tembec common share.