Temple-Inland Adopts Stockholder Rights Plan

The Board of Directors of Temple-Inland Inc. TIN today adopted a stockholder rights plan and declared a dividend distribution of one Preferred Share Purchase Right on each outstanding share of Temple-Inland common stock. Doyle R. Simons, Chairman and Chief Executive Officer of Temple-Inland Inc., said: “The Rights are designed to assure that all of Temple-Inland's stockholders receive fair and equal treatment in the event of any proposed takeover of the Company, to guard against abusive tactics to gain control of Temple-Inland without paying all stockholders a premium for that control, and to enable all Temple-Inland stockholders to realize the long-term value of their investment in the Company. The Rights will be exercisable only if a person or group acquires 10% or more of Temple-Inland's common stock. Each Right will entitle stockholders to buy one one-hundredth of a share of a new series of junior participating preferred stock at an exercise price of $120.