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Monday, June 6, 2011

International Paper bids for Temple-Inland, (NYSE: IP), (NYSE: TIN)

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 company said on Monday. International Paper said it would offer $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. Temple-Inland was not immediately available for comment. The shares of the Memphis-based Temple-Inland company, which have traded between $19.33 and $33.01 in the past 52 weeks, jumped 48 percent to $31.10 in after-market trading.

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 5728654.

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 5085762.



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