International Paper Commencing Tender Offer to Acquire All Outstanding Shares of Temple-Inland for $30.60 Per Share

International Paper Company IP today announced that it is commencing a fully financed tender offer for all outstanding common shares of Temple-Inland Inc. TIN for $30.60 per share in cash. The all-cash offer represents a 46% premium to Temple-Inland's closing price on June 6, 2011, the last trading day prior to public disclosure of International Paper's proposal to acquire Temple-Inland. The offer will commence tomorrow and will expire at 5:00 p.m. New York City time on August 9, 2011, unless extended.