Why Rayonier Advanced Materials Inc.'s Shares Popped 16% Today
Shares of Rayonier Advanced Materials Inc. (NYSE: RYAM) jumped as much as 15.9% in Monday morning trading after the chemical company announced an updated offer to buy Tembec. At 12:13 p.m. EDT shares were still up 8.8% on the day.
Rayonier, which specializes on cellulose-based products, increased its bid for the Canadian paper company by 17% to 4.75 Canadian dollars per share. Large Tembec stakeholders Oaktree Capital Management and Restructuring Capital Associates have both signed agreements to support the new offer, meaning 37% of voting shares are already on board.
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Source: Fool.com