Temple-Inland Rejects Unsolicited Takeover Proposal from International Paper

Temple-Inland Inc. TIN announced today that it received an unsolicited proposal from International Paper Company IP to acquire the Company for $30.60 per Temple-Inland share in cash. Temple-Inland's Board of Directors, after careful consideration with its independent financial and legal advisors, voted unanimously to reject International Paper's proposal after the Board determined unanimously that the proposal grossly undervalues Temple-Inland and is not in the best interest of Temple-Inland's stockholders.