This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

International Paper Wins Temple-Inland

NEW YORK ( TheStreet) -- Temple-Inland (TIN) shares were popping 25.5% on Tuesday as the company announced it entered into a definitive agreement to be acquired by International Paper (IP - Get Report) for $32 a share, or about $3.7 billion.

The Memphis, Tenn.-based International Paper raised its bid for Temple-Inland by 5%, which was enough to persuade Temple-Inland's board to agree to a sale. The original June bid was for $30.60 a share.

Shares of Austin,Texas-based Temple-Inland, a maker of corrugated packaging, were at $30.92, up $6.29 early Tuesday. International Paper shares were at $26.20, up 71 cents, or 2.8%.

"Acquiring Temple-Inland enhances our ability to generate additional cash flow while maintaining our strong balance sheet," International Paper CEO John Faraci said in a statement.

International Paper said it expects the deal to close in the first quarter of 2012 if Temple-Inland shareholders approve the deal.

-- Written by Joe Deaux in New York.



>To submit a news tip, send an email to: tips@thestreet.com

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
IP $53.74 0.00%
AAPL $128.32 -0.30%
FB $79.05 0.30%
GOOG $540.78 0.00%
TSLA $238.10 3.30%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs