Temple-Inland Board of Directors Unanimously Rejects International Paper's Unsolicited Tender Offer

Temple-Inland Inc. TIN today announced that its Board of Directors, after careful consideration with its independent financial and legal advisors, voted unanimously to reject the unsolicited tender offer from International Paper Company IP to acquire all outstanding common shares of Temple-Inland at a price of $30.60 per share in cash. The Board unanimously determined that the offer grossly undervalues Temple-Inland and is not in the best interests of Temple-Inland's stockholders. The Board unanimously recommends that Temple-Inland stockholders not tender their shares into IP's offer.