The Associated Press
MEMPHIS, Tenn. — International Paper Co. is buying smaller rival Temple-Inland Inc. for $3.7 billion after sweetening its bid.
IP raised its bid to $32 per share for Temple-Inland, a 30 percent premium to its Sept. 2 closing price. This is higher than its previous bid of $30.60 per share in June, which its Austin, Texas, target had rejected as too low.
The transaction will give the combined company about 40 percent of the corrugated packaging materials market in North America. IP is the largest producer of corrugated packaging in North America, while Temple. . .
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