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Temple-Inland Plans Split-Up

The move comes just over a week after Icahn said he'd undertake a proxy fight.

Temple-Inland (TIN) surged 13% after the building products company set plans to spin off its real estate and financial services arms and sell its timberland.

The Austin, Texas, company said it will focus on corrugated packaging and building products. The decision comes just 10 days after activist investor Carl Icahn said he'd wage a proxy fight to take control of the board.

Shares rose $6.95 to $61.90.

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