Rayonier, Tembec revise terms of sale

JACKSONVILLE, Fla. — Amendments to the terms of Rayonier Advanced Materials’ purchase of Montreal-based Tembec have received unanimous approval from the boards of both companies, according to the Florida Business Journal. The revised deal raises the value of shares offered by 17%, with a 61% premium to the closing price of Tembec’s shares as of the eve of the sale’s original announcement. In a statement, Tembec’s CEO and President James Lopez said his company was “pleased with the opportunity to deliver even greater value to our shareholders.”