International Paper Makes Hostile Takeover Bid for Temple-Inland

International Paper Co., the world’s largest pulp-and-paper maker, made a $3.31 billion hostile takeover bid for Temple-Inland Inc. to increase its share of the North American market for containerboard used in shipping boxes.

International Paper offered $30.60 a share in cash and has committed finance from UBS AG, Memphis, Tennessee-based International Paper said yesterday in a statement. Temple-Inland, based in Austin, Texas, said in a statement it rejected the bid.