International Paper Jumping 5% On Bid

International Paper Company IP shares are soaring this morning, gaining more than 5% after the company made an unsolicited bid for rival Temple-Inland TIN that was rejected. Temple-Inland cited a price that was too low, as well as regulatory scrutiny from the deal. At last check, shares of International Paper were up $1.55 to $31.20, a gain of 5.2% on more than 500,000 shares in pre-market trading. International Paper Company operates as a paper and packaging company with operations in North America, Europe, Latin America, Russia, Asia, and north Africa.