Temple-Inland stakeholders have approved the merger with International Paper (IP). The overwhelming majority of stakeholders voted "yes" to approve the $4.3bn merger agreement with IP in a special shareholders meeting on 7 December, says Temple-Inland. Completion of the merger is still subject to other customary closing conditions, including the receipt of regulatory approval.
In June, IP executives made their first offer for the world’s third-largest corrugated packaging maker. The Temple-Inland board unanimously rejected the unsolicited tender offer and urged shareholders to reject it as well.