July 18, 2017 / 2:27 AM / a year ago

Tembec's biggest shareholder recommends voting against Rayonier's acquisition

July 17 (Reuters) - Tembec Inc’s largest shareholder Oaktree Capital Management LP asked shareholders to vote against Rayonier Advanced Materials Inc’s acquisition of the Canadian forest products company.

Oaktree, which owns a 19.9 percent stake in Tembec, said the deal is the result of a “flawed sale process”, adding that there is a significant value gap between Rayonier’s offer price and the “real value” of Tembec.

Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair

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