Tembec Shareholders Approve Transaction with Rayonier

 

Rayonier Advanced Materials Inc., Jacksonville, Fla., USA, and Tembec Inc. Montreal, Que., Canada, announced that the holders of record of its common shares have approved the resolution authorizing the previously announced statutory arrangement under Section 192 of the Canada Business Corporations Act, pursuant to which Rayonier Advanced Materials will acquire all of the outstanding common shares of Tembec. The Arrangement Resolution was approved by 95.04% of the votes cast by Tembec Shareholders at the special meeting held this past week.

The completion of the Transaction remains subject to approval by the Québec Superior Court at a final hearing, which is expected to take place on Aug. 7, 2017. In addition to court approval, the transaction remains subject to other closing conditions, including receipt of regulatory approvals. It is expected that the Transaction will be completed in the fourth quarter of 2017.

Further details regarding the Transaction are set out in the management information circular dated June 13, 2017, and in the news release issued by Tembec and Rayonier Advanced Materials on July 23, 2017, copies of which are available under the corporate profile of Tembec on SEDAR.