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BRIEF-Rayonier Advanced Materials to acquire Tembec

May 25 Rayonier Advanced Materials Inc

* Rayonier Advanced Materials to acquire Tembec, creating a diversified global leader in high purity cellulose, packaging, paper, high-yield pulp and forest products

* Rayonier Advanced Materials Inc - combined company approximately US$2 billion in revenue and US$400 million in EBITDA including full synergies

* Rayonier Advanced Materials Inc says transaction unanimously approved by each company's board of directors

* Rayonier Advanced Materials Inc - deal for purchase price of approximately US$807 million

* Rayonier Advanced Materials Inc - intends to finance cash portion of transaction with a combination of cash on hand and committed bank financing

* Rayonier Advanced Materials Inc - company to benefit from scale and projected combined cost synergies of US$50 million, to be achieved over 3 years

* Rayonier Advanced Materials - deal is immediately accretive to Rayonier Advanced Materials

* Rayonier Advanced Materials Inc - transaction does not require approval of Rayonier Advanced Materials shareholders

* Rayonier Advanced Materials Inc - intends to finance cash portion of transaction with a combination of cash on hand and committed bank financing

* Rayonier Advanced Materials - expects to retain Canadian headquarters in Montreal, Québec and a presence in Ontario, and continue all Tembec operations

* Sees deal delivering a significant premium at C$4.05 per share to Tembec shareholders

* Rayonier Advanced Materials - purchase price represents multiple of 4.6 times LTM pro forma EBITDA after expected synergies or 6.3 times before synergies

* Rayonier Advanced Materials - deal agreement contains a non-solicitation covenant on part of tembec, subject to customary "fiduciary out" provisions

* Rayonier Advanced Materials Inc says transaction unanimously approved by each company's board of directors

* Rayonier Advanced Materials Inc says purchase price includes assumption of US$487 million of debt net of cash Source text for Eikon: Further company coverage:

我们的标准: 汤森路透“信任原则

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