Temple-Inland Rebuffs International Paper’s Acquisition Proposal

International Paper first communicated its proposal verbally to the chairman of Temple-Inland on May 17, 2011. Subsequently, there has been a call, a face-to-face meeting between the two sides and two letters of correspondence from the chairman of International Paper to the chairman of Temple-Inland. International Paper was informed in a letter from Temple-Inland’s chairman dated June 4, 2011, that the board of Temple-Inland has unanimously rejected International Paper’s proposal. In response, International Paper yesterday sent a letter to Temple-Inland expressing its continued interest in pursuing an acquisition.