Temple-Inland Soars 48% On International Paper Buyout Proposal

After the close of trading on Monday, news crossed the wires that International Paper IP has made a hostile bid for Temple-Inland TIN. The buyout offer is for $30.60 per share in cash. According to International Paper (IP), the transaction has been rejected by Temple-Inland's board of directors. TIN shares have soared more than 48% higher to $31.19 on the news. Temple-Inland Inc. manufactures corrugated packaging and building products.