Temple-Inland Board Rejects International Paper's Hostile Bid

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BY BOB TITA

Temple-Inland Inc.'s board unanimously rejected International Paper Co.'s $3.3 billion hostile takeover bid Monday, saying that it "grossly undervalues" Temple-Inland and urged holders not to tender their shares.

Temple-Inland's refusal to support the offer wasn't surprising. The cardboard-box maker rejected the same offer in June when International Paper proposed the deal on an informal basis.

"The Temple-Inland Board is unanimous in its belief that the offer grossly undervalues Temple-Inland and its prospects," said Chairman and Chief Executive Doyle R. Simons in a written statement. ...

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