An investigation on behalf of investors of Tembec Inc (USA) (OTCMKTS:TMBCF) in connection with the proposed takeover was announced and OTCMKTS:TMBCF stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/02/2017 -- The takeover of Tembec Inc is under investigation over potential wrongdoing. The investigation was announced for investors, who currently hold shares of Tembec Inc (USA) (OTCMKTS:TMBCF), concerning whether the takeover of Tembec Inc. by Rayonier Advanced Materials Inc for $3.25 per share is unfair.
Investors who purchased shares of Tembec Inc (USA) (OTCMKTS:TMBCF) and currently hold any of those OTCMKTS:TMBCF shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Tembec Inc (USA) breached their fiduciary duties owed to OTCMKTS:TMBCF investors in connection with the proposed acquisition.
On May 25, 2017, Rayonier Advanced Materials Inc. (NYSE: RYAM) and Tembec Inc. (TSX: TMB) today announced a definitive agreement under which Rayonier Advanced Materials will acquire Tembec. Tembec shareholders will have the right to elect to receive either (i) C$4.05 in cash or (ii) 0.2302 of a share of Rayonier Advanced Materials common stock, for each Tembec common share.
However, given that Fairfax Financial, a 19.99% shareholder of Tembec, has already advised that it is supportive of the transaction, the investigation concerns whether the offer is unfair to Tembec Inc (USA) (OTCMKTS:TMBCF stockholders. More specifically, the investigation concerns whether the Tembec Inc (USA) (OTCMKTS:TMBCF Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Tembec Inc reported that its Total Revenue rose from over 1.22 billion CAD for the 12 months period that ended on September 26, 2015 to over 1.3 billion CAD for the 12 months period that ended on September 24, 2016.
Shares of Tembec Inc (USA) (OTCMKTS:TMBCF) closed on June 1, 2017 at $3.25 per share.
Those who are current investors in Tembec Inc (USA) (OTCMKTS:TMBCF) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com