Mergers, acquisitions and alliances from around the world: 9 June 2011

This week’s M&A activity is headed by PaperlinX’s appointment of a new independent non-executive director plus International Paper’s continued plans to acquire Temple-Inland


PaperlinX new non-executive director

Due to his strong financial background, PaperlinX Limited has appointed Tony Clarke as an independent non-executive director on its Board.

David Meiklejohn, Chairman of PaperlinX Limited says the Board is delighted to welcome Clarke. “His experience of working in the European paper and packaging industry will be particularly valuable to PaperlinX.”

Clarke has held a number of senior finance positions including chief financial officer of Amcor Europe and finance director of Pacifica Group. He was also recently involved in the financial restructuring of Centro Properties.

International Paper keen to acquire Temple-Inland

Global paper and packaging company, International Paper has announced its proposal to acquire all outstanding shares of packaging and building products company, Temple-Inland for $30.60 per share in cash.

Backed by UBS Investment Bank, International Paper's offer is contingent on appropriate documentation and regulatory approval, which International Paper believes can be obtained. The offer represents a 44% premium to Temple-Inland's price as of 6 June.

Though the Board of Temple-Inland unanimously rejected the proposal, International Paper expressed its continued interest in pursuing an acquisition via letter.