Tembec’s top two shareholders oppose Rayonier acquisition
July 20, 2017 - Montreal-based Tembec's acquisition by Florida-based Rayonier Advanced Materials is not running as smoothly as the two groups initially hoped.
Tembec's top two shareholders, Oaktree Capital Management and Restructuring Capital Associates (RCA), are in opposition of the acquisition, citing unfair prices for shareholders. They said they will vote against the takeover next week on July 27.
Oaktree and RCA make up 37 per cent of Tembec's shares. The acquisition requires support from two-thirds of Tembec's shareholders. Read the full story here.