International Paper Goes Ahead with Tender Offer for Temple-Inland Shares

International Paper has secured committed financing from UBS Investment Bank, and the offer will not be conditioned on financing. The offer will be conditioned on there being validly tendered and not withdrawn at least a majority of the total number of Temple-Inland shares outstanding on a fully diluted basis, Temple-Inland’s Board of Directors redeeming or invalidating its "poison pill" shareholder rights plan, the receipt of regulatory approvals and other customary closing conditions as described in the Offer to Purchase.