Bank of America Merrill Lynch Dropping Coverage On Temple-Inland Inc.

Bank of America Merrill Lynch is dropping coverage on Temple-Inland Inc. TI and moving it to No Rating after the company rejected an offer from International Paper IP. In a note to clients, Bank of America Merrill Lynch writes, "After the close today, International Paper (IP) proposed an offer to acquire Temple-Inland (TIN) for $30.60 per share in cash. TIN's board of directors voted unanimously to reject IP's offer. The stock is not trading on fundamentals. As such, we are moving to a 6 (No Rating) on Temple-Inland. Shareholders should not rely upon our opinion or price objective going forward." Shares of TI lost 18 cents yesterday to close at $33.32, a loss of 0.5%.