Tem­bec sec­ond-quar­ter profit up from year ago ahead of takeover vote

The Guardian (Charlottetown) - - BUSINESS -

MON­TREAL — Tem­bec Inc. (TSX:TMB) says it earned $17 mil­lion in its lat­est quar­ter, up from $9 mil­lion in the same quar­ter a year ago.

The forestry com­pany says the profit for the quar­ter ended June 24 amounted to 17 cents per share com­pared with a profit of nine cents per share in the same pe­riod last year. Con­sol­i­dated sales for the three-month pe­riod to­talled $419 mil­lion, up from $376 mil­lion.

Tem­bec share­hold­ers are ex­pected to vote Thurs­day on a friendly takeover of­fer for the com­pany by Ray­onier Ad­vanced Ma­te­ri­als Inc.

The U.S. com­pany raised its of­fer on Sun­day in order to win sup­port of two of Tem­bec’s largest share­hold­ers who threat­ened to vote against the agree­ment.

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