The stock was last quoted at $29.90, up 42%, on volume of nearly 7 million, according to Nasdaq.com. Based on the regular session close, Temple-Inland shares were up just 2% year-to-date, and 13% in the past year. The $30.60 per share bid from International Paper is 17% above Temple-Inland's 52-week high of $26.21, which dates back to Feb. 21. The news sparked buying of a number of other paper and materials companies in the after-hours session, including Louisiana-Pacific Corp. ( LPX), whose stock rose nearly 9% to $8.17 on volume of 76,000; Boise Inc. ( BZ), which jumped 7.2% to $8.01 on volume of 72,000 Packaging Corp. of America ( PKG), which added 5.5% to $28.30 on volume of 30,000; and Weyerhaueser ( WY), which gained almost 4% to $21.24 on volume of around 55,000. International Paper is much bigger than Temple-Inland with sales of $25.2 billion for the fiscal year ended in December vs. $3.8 billion for Temple-Inland, which is headquartered in Austin, Texas. In its press release, International Paper said it's went back-and-forth with Temple-Inland since mid-May about a potential deal before hearing that its proposal was being rejected over the weekend. "We are very disappointed with the response of Temple-Inland's Board of Directors," said John Faraci, IP's chairman and CEO, in a statement, adding: "Our proposal reflects the future business plans and economic outlook for Temple-Inland and for the sector, and incorporates a significant portion of the cost savings resulting from the merger of International Paper and Temple-Inland, while at the same time creating value for International Paper shareholders." International Paper shares are up nearly 10% so far in 2011, and were adding another 4% to $30.90 on volume of more than 400,000 in after-hours action.