Wednesday, August 23, 2017 11:15 am

JACKSONVILLE, Florida and MONTREAL, Québec -- Rayonier Advanced Materials Inc. and Tembec Inc. announced that they received clearance from the Competition Bureau of Canada , without condition, of the previously announced proposed statutory arrangement under Section 192 of the Canada Business Corporations Act (the "Transaction") involving the acquisition by Rayonier Advanced Materials of all of the outstanding shares of Tembec.

In addition to clearance by the Competition Bureau, the Transaction already has received antitrust clearance from the Anti-Monopoly Bureau of the Ministry of Commerce of the People's Republic of China (often referred to as MOFCOM), Germany's Federal Cartel Office, and the United States Department of Justice and the Federal Trade Commission. As such, Rayonier Advanced Materials and Tembec have now received all required antitrust clearances.

The Transaction has also been approved by Tembec's shareholders and by the Québec Superior Court. Subject to obtaining other necessary approvals, as well as the satisfaction or waiver of other conditions to the Transaction, it is expected that the Transaction will be completed in the fourth quarter of 2017.

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