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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.

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