Law360, New York (June 06, 2011, 7:49 PM ET) -- Temple-Inland Inc. said Monday its board of directors rejected a $3.3 billion unsolicited bid from Tennessee-based International Paper Co. to buy the corrugated packaging and building products company for $30.60 per share.
The vote against the takeover was unanimous because the bid "grossly undervalues Temple-Inland and is not in the best interest of Temple-Inland's stockholders," according to a statement from the company.
"As the economic recovery continues and the benefits from our strategy continue to be realized, it is the stockholders of Temple-Inland who should gain...
Temple-Inland Rejects $3.3B Offer From Paper Co.
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