UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
(RULE 14d-100)
(Amendment No. 6)
Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
TEMPLE-INLAND INC.
(Name of Subject Company)
METAL ACQUISITION INC.
(a wholly owned subsidiary of International Paper Company) and
INTERNATIONAL PAPER COMPANY
(Names of Filing Persons (Offerors))
COMMON STOCK, PAR VALUE $1.00 PER SHARE
(Title of Class of Securities)
879868107
(Cusip Number of Class of Securities)
Sharon R. Ryan, Esq.
Vice President, Acting General Counsel and Corporate Secretary
International Paper Company
6400 Poplar Avenue
Memphis, Tennessee 38197
(901) 419-7000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)
Copies to:
Jeffrey J. Rosen, Esq. and William D. Regner, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
(212) 909-6000
CALCULATION OF FILING FEE
| ||
Transaction Valuation* | Amount of Filing Fee** | |
$3,314,359,011.60 |
$384,797.08 | |
| ||
|
* | Estimated for purposes of calculating the amount of filing fee only. Transaction value derived by multiplying 108,312,386 (number of shares of common stock of subject company (which represents the number of shares issued and outstanding as of April 2, 2011, as reported in the subject companys Quarterly Report on Form 10-Q filed on May 10, 2011), less the number of shares owned by the Offerors and their subsidiaries) by $30.60 (the purchase price per share offered by Offerors). |
** | The amount of the filing fee is calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Advisory #5 for fiscal year 2011, issued December 22, 2010, by multiplying the transaction valuation by 0.0001161. |
x | Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
Amount Previously Paid: | $384,797.08 | Filing Party: | International Paper Company/Metal Acquisition Inc. | |||
Form or Registration No.: | Schedule TO | Date Filed: | July 12, 2011 |
¨ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check | the appropriate boxes below to designate any transactions to which the statement relates: |
x | third-party tender offer subject to Rule 14d-1. |
¨ | issuer tender offer subject to Rule 13e-4. |
¨ | going-private transaction subject to Rule 13e-3. |
¨ | amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer. x
If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
¨ | Rule 13e-4(i) (Cross-Border Issuer Tender Offer) |
¨ | Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) |
This Amendment No. 6 amends and supplements the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on July 12, 2011, and subsequently amended and supplemented by Amendment No. 1 on July 25, 2011, Amendment No. 2 on July 27, 2011, Amendment No. 3 on July 28, 2011, Amendment No. 4 on August 9, 2011, and Amendment No. 5 on August 10, 2011 (as amended from time to time, the Schedule TO), by International Paper Company, a New York corporation (International Paper), and Metal Acquisition Inc. (the Purchaser), a Delaware corporation and a wholly owned subsidiary of International Paper. The Schedule TO relates to the offer by the Purchaser to purchase all outstanding shares of common stock, par value $1.00 per share, together with the associated preferred stock purchase rights (the Shares), of Temple-Inland Inc., a Delaware corporation (Temple-Inland), at $30.60 per Share, net to the seller in cash, without interest and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated July 12, 2011 (as it may be amended and supplemented from time to time), and in the related Letter of Transmittal.
All information set forth in the Offer to Purchase and the related Letter of Transmittal is incorporated by reference in response to Items 1 though 9 and 11 in the Schedule TO, except that such information is hereby amended and supplemented to the extent specifically provided herein. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Offer to Purchase.
Item 5
Item 5 of the Schedule TO is hereby amended and supplemented by adding the following text to Section 11 of the Offer to Purchase:
On September 6, 2011, International Paper, the Purchaser and Temple-Inland entered into an Agreement and Plan of Merger (the Merger Agreement), pursuant to which International Paper will acquire all of the outstanding Shares at a price of $32.00 per share in cash, without interest. The Merger Agreement provides that the Offer will be, and it hereby is, terminated. The Offer had been scheduled to expire at 5:00 p.m., Eastern Time, on September 8, 2011. No Shares were purchased pursuant to the Offer, and all Shares previously tendered and not withdrawn will be promptly returned.
Also on September 6, 2011, International Paper issued a press release, which is filed as Exhibit (a)(5)(ix) to the Schedule TO and is incorporated herein by reference.
Item 12
Item 12 of the Schedule TO is hereby amended and supplemented by adding the following text thereto:
(a)(5)(ix) Text of press release issued by International Paper Company, dated September 6, 2011.
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: September 6, 2011
INTERNATIONAL PAPER COMPANY | ||
By: | /S/ SHARON R. RYAN | |
Name: | Sharon R. Ryan | |
Title: | Vice President, Acting General Counsel and Corporate Secretary | |
METAL ACQUISITION INC. | ||
By: | /S/ SHARON R. RYAN | |
Name: | Sharon R. Ryan | |
Title: | Secretary |
EXHIBIT INDEX
Index | ||
(a)(1)(i) | Offer to Purchase dated July 12, 2011.* | |
(a)(1)(ii) | Form of Letter of Transmittal.* | |
(a)(1)(iii) | Form of Notice of Guaranteed Delivery.* | |
(a)(1)(iv) | Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.* | |
(a)(1)(v) | Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.* | |
(a)(1)(vi) | Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9.* | |
(a)(1)(vii) | Form of summary advertisement dated July 12, 2011.* | |
(a)(5)(i) | Text of press release issued by International Paper Company, dated July 12, 2011.* | |
(a)(5)(ii) | Letter to Employees of International Paper Company, dated July 11, 2011.* | |
(a)(5)(iii) | July 25, 2011 Investor Presentation by International Paper Company.* | |
(a)(5)(iv) | Excerpt of transcript of conference call held by International Paper Company on July 28, 2011.* | |
(a)(5)(v) | Excerpt of transcript of video broadcast to employees held by International Paper Company on July 28, 2011.* | |
(a)(5)(vi) | Excerpt of transcript of conference call with officers held by International Paper Company on July 28, 2011.* | |
(a)(5)(vii) | Text of press release issued by International Paper Company, dated August 8, 2011.* | |
(a)(5)(viii) | Excerpt of Letter to Employees of International Paper Company, dated August 10, 2011.* | |
(a)(5)(ix) | Text of press release issued by International Paper Company, dated September 6, 2011. | |
(b)(1) | Commitment letter described in Section 10 Source and Amount of Funds of the Offer to Purchase.* | |
(d) | Not applicable. | |
(g) | Not applicable. | |
(h) | Not applicable. |
* | Previously filed. |
Exhibit (a)(5)(ix)
News Release
International Paper Announces Definitive Agreement
to Acquire Temple-Inland for $32.00 per Share in Cash
Compelling Transaction Expected to Deliver Significant Value for Shareholders of Both Companies
MEMPHIS, Tenn., Sept. 6, 2011/PRNewswire/ -- International Paper (NYSE: IP) and Temple-Inland Inc. (NYSE: TIN) today announced that they have entered into a definitive merger agreement under which International Paper will acquire all of the outstanding common stock of Temple-Inland for $32.00 per share in cash, plus the assumption of $600 million in Temple-Inlands year end debt. The total transaction value is approximately $4.3 billion.
The combination, which has been approved by the Boards of both companies, brings together two strong North American corrugated packaging businesses to create an even stronger company. It offers numerous benefits for the shareholders and customers of both companies, and is consistent with International Papers focus on achieving and sustaining cost of capital returns throughout the cycle. The transaction is expected to be accretive to International Papers shareholders in year one after closing. It is expected to close in the first quarter of 2012.
International Paper Chairman and CEO John Faraci said, The strategic benefits of this combination are clear and we are pleased to be able to move forward on terms that are financially attractive for both sets of shareholders. Acquiring Temple-Inland enhances our ability to generate additional cash flow while maintaining our strong balance sheet. We look forward to working with the employees of Temple-Inland as we integrate our businesses and create an even stronger company with substantial benefits for our customers, employees and shareholders.
Temple-Inland Chairman and Chief Executive Officer Doyle R. Simons, said, This transaction creates value for both Temple-Inland and International Paper shareholders. The combined company will be positioned to be a leader in providing high quality products for its customers.
The combination is expected to yield synergies of approximately $300 million annually within 24 months of closing, derived primarily from the areas of operations, freight, logistics, selling expense and overhead. The companies have a shared focus on low-cost mills, complementary converting systems and high levels of box integration Temple-Inlands products and manufacturing facilities are an excellent strategic fit with International Papers current offerings and facilities.
As contemplated by the merger agreement, International Paper will terminate its existing tender offer to acquire all of the outstanding common shares of Temple-Inland for $30.60 per share, and Temple-Inland will hold a special meeting of its stockholders to vote on the transaction. In addition to the approval of Temple-Inlands stockholders, the transaction is subject to customary closing conditions, including antitrust approvals.
Evercore Partners and UBS Investment Bank served as financial advisors to International Paper and Goldman, Sachs & Co. served as financial advisor to Temple-Inland. Debevoise & Plimpton LLP served as International Papers legal counsel and Temple-Inland was advised by Wachtell, Lipton, Rosen & Katz.
Investor Webcast
The companies will host a webcast at 10:00 a.m. EDT/9:00a.m.CDT today. All interested parties are invited to listen to the call live via International Papers Internet site at http://www.internationalpaper.com by clicking on the Investors tab and going to the Presentations page. A replay of the webcast will also be available beginning approximately two hours after the call. Parties who wish to participate in the webcast via teleconference may dial +1 (706) 679-8242 or, within the U.S. only, (877) 316-2541 and ask to be connected to the International Paper/Temple-Inland Investor Call. The conference ID number is 97910369. Participants should call in no later than 9:45 a.m. EDT/8:45 a.m. CDT. An audio-only replay will be available for four weeks following the call. To access the replay, dial +1 (855) 859-2056 or, (404) 537-3406, and when prompted for the conference ID, enter 97910369.
About International Paper
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the Companys North American distribution company. Headquartered in Memphis, Tennessee, the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.
About Temple-Inland
Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of 7 mills and 59 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial and repair and remodeling markets. Temple-Inlands address on the World Wide Web is www.templeinland.com.
ADDITIONAL INFORMATION In connection with the proposed merger, Temple-Inland will file a proxy statement with the Securities and Exchange Commission (the SEC).
Investors and security holders are advised to read the proxy statement when it becomes available because it will contain important information about the merger and the parties to the merger. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by Temple-Inland at the SEC website at http://www.sec.gov. The proxy statement and other documents also may be obtained (after it has been filed with the SEC) for free from International Paper by directing such request to International Paper, Investor Relations, telephone (800) 678-8715.
CERTAIN INFORMATION REGARDING PARTICIPANTS
International Paper and certain of its respective directors and executive officers may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of International Papers directors and executive officers in International Papers Annual Report on Form 10-K for the year ended December 31, 2010 which was filed with the SEC on February 25, 2011, and its proxy statement for the 2011 Annual Meeting, which was filed with the SEC on April 8, 2011. Additional information regarding the interests of participants in the solicitation of proxies in connection with the merger will be included in the proxy statement that Temple-Inland intends to file with the SEC. These documents can be obtained free of charge from the sources indicated above.
FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These statements reflect managements current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ relate to: (i) the receipt of Temple-Inland shareholder and regulatory approvals for the transaction and the successful fulfillment or waiver of all other closing conditions without unexpected delays or conditions; (ii) the failure to realize synergies and cost-savings from the transaction or delay in realization thereof; (iii) increases in interest rates; (iv) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products; (v) global economic conditions and political changes, including but not limited to the impairment of financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount of our future pension funding obligation, changes in tax laws and pension and health care costs; (vi) unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations and to actual or potential litigation; and (vii) whether we experience a material disruption at one of our manufacturing facilities and risks inherent in conducting business through a joint venture. We undertake no obligation to publicly update any statements or information relating to this release or the offer described above, whether as a result of new information, future events or otherwise. These and other factors that
could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in SEC filings.
CONTACT: | Media: Thomas J. Ryan, +1-901-419-4333; or Investors: Glenn Landau, +1-901-419-1731; or Emily Nix, +1-901-419-4987; or Temple Inland Investors and Media, Chris Mathis, +1-512-434-3766. |
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