Reuters logo
3 个月前
BRIEF-Rayonier Advanced Materials to acquire Tembec
2017年5月25日 / 中午12点10分 / 3 个月前

BRIEF-Rayonier Advanced Materials to acquire Tembec

May 25 (Reuters) - 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:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below