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VOL. 126 | NO. 247 | Tuesday, December 20, 2011

Review of International Paper Acquisition Extended

AP

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MEMPHIS (AP) International Paper Co. said Monday, Dec. 19, that it reached a deal with the U.S. Department of Justice to extend the regulatory review period for its pending $3.7 billion acquisition of smaller rival Temple-Inland Inc. until Jan. 27.

The companies had previously agreed to not let the acquisition go through before Dec. 31. In addition, the pair agreed to extend the deal's outside date by 22 days to June 28.

Memphis, Tenn.-based International Paper agreed in September to acquire Austin, Texas-based Temple-Inland for $32 per share. Shareholders of Temple-Inland voted in favor of the acquisition earlier in the month.

The deal will give the combined company about 40 percent of the corrugated packaging materials market in North America. International Paper is the largest producer of corrugated packaging in North America, while Temple-Inland is the third-largest.

International Paper officials said they continue to cooperate with the Justice Department and look forward to satisfying the conditions for closing the deal.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 116 413 13,039
MORTGAGES 149 479 16,949
FORECLOSURE NOTICES 29 55 3,345
BUILDING PERMITS 176 701 28,395
BANKRUPTCIES 87 303 10,793
BUSINESS LICENSES 26 111 4,315
UTILITY CONNECTIONS 97 472 16,821
MARRIAGE LICENSES 25 100 3,791

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