Packaging producer International Paper Co (IP.N) has made an unsolicited bid worth about $3.3 billion to acquire smaller rival Temple-Inland Inc (TIN.N). The deal would cement IP's position atop North America's corrugated packaging business, which makes boxes commonly used in shipping. "We think the combination brings together two good North American corrugated packaging businesses," IP Chief Executive John Faraci told Reuters. "It's consistent with our strategy. It makes our corrugated business an excellent one." IP offered $30.60 per share of Temple-Inland, a 46 percent premium to Monday's closing price of Temple-Inland's shares on the New York Stock Exchange.
International Paper Company (International Paper) is a global paper and packaging company, with markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Shares of IP fell by 0.77% or $-0.23/share to $29.65. In the past year, the shares have traded as low as $19.33 and as high as $33.01. On average, 5482480 shares of IP exchange hands on a given day and today's volume is recorded at 5831198.
Temple-Inland Inc. manufactures corrugated packaging and building products, which the Company considers as two separate operating segments. Shares of TIN fell by 3.14% or $-0.68/share to $21.01. In the past year, the shares have traded as low as $15.48 and as high as $26.21. On average, 1164110 shares of TIN exchange hands on a given day and today's volume is recorded at 6405807.
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