Tembec earnings surge on eve of takeover vote

MONTREAL — Tembec reported Q3 earnings of $17 million, an increase from $9 million last year, while sales rose to $419 million from $376 million. The forestry firm’s shareholders are due today to vote on the friendly takeover bid put forward by Rayonier Advanced Materials. The U.S. company increased its offer last weekend, winning over two of Tembec’s largest stakeholders. Oaktree Capital Management and Restructuring Capital Associates had previously threatened to block the bid, which requires a two-thirds majority for approval.