July 14, 2017 / 4:41 PM / a year ago

BRIEF-Oaktree Capital sends letter to boards of directors of Tembec and Rayonier

July 14 (Reuters) - Oaktree Capital Management L.P. :

* Oaktree sends letter to boards of directors of Tembec and Rayonier

* Oaktree Capital - Believe Rayonier’s current offer “significantly undervalues” Tembec​ ‍​

* Oaktree​ Capital says sent letter to boards Tembec, Rayonier advanced materials conveying them of its intention to vote against Rayonier-Tembec deal

* ‍Oaktree Capital says investment funds managed by Oaktree Capital Management L.P. own 19.9% of the common stock of Tembec Inc​

* Oaktree Capital says if Rayonier’s offer is not increased, “Believe Tembec shareholders would be better off if Tembec remains independent”

* Oaktree Capital says believe a “More equitable sharing of transaction synergies”, combined Tembec and Rayonier company’s future prospects is warranted Source text for Eikon: Further company coverage:

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