Pursuant to the terms of the Transaction, Tembec shareholders had the right to elect to receive either C$4.75 in cash or 0.2542 shares of Rayonier AM common stock per Tembec Share, subject to proration so that approximately 67% of the aggregate consideration is paid in cash and approximately 33% is paid in Rayonier AM common stock. The results of the elections received prior to the election deadline of 5:00 p.m. (Eastern time) on November 9, 2017 are as follows: •Shareholders representing 1,644,879 Tembec Shares elected to receive the Per Share Cash Amount; •Shareholders representing 67,878,518 Tembec Shares elected to receive the Per Share Stock Consideration; and •Shareholders representing 30,476,603 Tembec Shares did not make an election. Since the aggregate number of Tembec Shares in respect of which registered Tembec shareholders have elected to receive the Per Share Cash Amount is less than the Cash Consideration Number (as defined in the plan of arrangement attached to the amending agreement dated as of July 23, 2017 by and between Rayonier AM and Tembec), holders of Tembec Shares who elected to receive the Per Share Stock Consideration will be subject to proration in the manner described in Tembec's management information circular dated June 13, 2017 (the "Circular"). Click Read More below for additional information.
The Board of Directors of Ahlstrom Corporation has appointed Sakari Ahdekivi as the interim President & CEO with immediate effect. He replaces Marco Levi due to the announced merger plan between Ahlstrom and Munksjö Oyj.
Hans Sohlström, Chairman of the Board Directors at Ahlstrom comments: “Marco Levi has done an excellent job as the President & CEO of Ahlstrom. During his leadership the company has achieved a remarkable turnaround in profitability, resulting in significant value growth for the shareholders. As a leader he has created a truly customer-driven culture and an inspiring team spirit at Ahlstrom. On the behalf of the entire Board of Directors, I would like to sincerely thank Marco and wish him all the best and continued success in the future.”
Sakari Ahdekivi will continue as Chief Financial Officer of Ahlstrom and will be a member of the management team of the combined Ahlstrom-Munksjö.
“I’m pleased that Sakari Ahdekivi will lead Ahlstrom through the transition period until the planned merger with Munksjö will be completed during the first-half of 2017,” Sohlström concludes.