×

Rayonier Advanced raises offer price for Canada's Tembec to C$475 mln

July 23 (Reuters) - Rayonier Advanced Materials said it raised its offer price for Canada's Tembec Inc to C$4.75 per Tembec share, valuing the deal at C$475 million ($378.6 million), excluding debt.

Rayonier, which makes high-value cellulose specialties fibers, said in May it would buy Tembec for C$4.05 per share, to expand into packaging and forest products.

The revised terms are approved by the boards of both companies. ($1 = 1.2546 Canadian dollars) (Reporting by Sangameswaran S in Bengaluru; Editing by Gopakumar Warrier)