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Tuesday, September 6, 2011

International Paper clinches Temple with higher bid, (NYSE: IP), (NYSE: TIN)

International Paper Co (IP.N) won its bid for rival packaging producer Temple Inland Inc (TIN.N). The company raised its bid 5 percent on Tuesday to $32 per share, roughly $3.7 billion, to convince a skeptical Temple board. IP will also assume roughly $600 million of Temple's debt. The deal was approved by the boards of both companies, but must still be approved by Temple's shareholders and regulators.

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 traded higher by 2.31% or $0.59/share to $26.08. In the past year, the shares have traded as low as $20.77 and as high as $33.01. On average, 6489370 shares of IP exchange hands on a given day and today's volume is recorded at 2309936.

Temple-Inland Inc. manufactures corrugated packaging and building products, which the Company considers as two separate operating segments. Shares of TIN traded higher by 25.05% or $6.17/share to $30.80. In the past year, the shares have traded as low as $17.91 and as high as $31.58. On average, 3574300 shares of TIN exchange hands on a given day and today's volume is recorded at 10119283.



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