Tembec Shareholders Approve Transaction with Rayonier Advanced Materials
July 27, 2017 (Press Release) - Rayonier Advanced Materials Inc. ("Rayonier Advanced Materials") (NYSE: RYAM) and Tembec Inc. ("Tembec") (TSX: TMB) today announced that the holders of record of its common shares (the "Tembec Shareholders") have approved the resolution (the "Arrangement Resolution") authorizing the previously announced statutory arrangement under Section 192 of the Canada Business Corporations Act (the "Transaction") pursuant to which Rayonier Advanced Materials will acquire all of the outstanding common shares of Tembec.
The Arrangement Resolution was approved by 95.04% of the votes cast by Tembec Shareholders at the special meeting held earlier today.
The completion of the Transaction remains subject to approval by the Québec Superior Court at a final hearing, which is expected to take place on August 7, 2017.
In addition to court approval, the Transaction remains subject to other closing conditions, including receipt of regulatory approvals. It is expected that the Transaction will be completed in the fourth quarter of 2017.
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