Second-Largest Tembec Shareholder Announces Commitment To Support Rayonier Advanced Materials Acquisition Of Tembec On Revised Terms Announced By Rayonier Advanced Materials And Tembec
PR Newswire
STAMFORD, Conn., July 24, 2017
STAMFORD, Conn., July 24, 2017 /PRNewswire/ — Restructuring Capital Associates L.P. (RCA) announced today that it has entered into a support and voting agreement with Rayonier Advanced Materials Inc. in which RCA has agreed to vote its shares of Tembec Inc. in favor of the proposed combination of Tembec with Rayonier Advanced Materials Inc. RCA committed to support the combination after reviewing revised terms that increase the consideration to be received by Tembec shareholders in the transaction. James Bennett, the founder of RCA said:
“In consideration of the increased purchase price, we are pleased to support the combination of two leading and complementary businesses.”
According to the information statement published by Tembec, the transaction must be approved by two-thirds of the Tembec shares voted at the shareholder meeting. The record date for the meeting is June 19, 2017. At that date, RCA held 17.1% of the outstanding shares.
About Restructuring Capital Associates, L.P.
Restructuring Capital Associates, L.P. (RCA) is an investment adviser registered with the U.S. Securities and Exchange Commission headquartered in Stamford, Connecticut. RCA and its affiliates have a 28 year history of managing investment funds to maximize total return on their investments in financially troubled companies and other special situations.
SOURCE Bennett Management Corporation/Restructuring Capital Associates, L.P.
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