IP, Temple-Inland agree with U.S. Dept. of Justice to extend review period for pending merger until Jan. 27, had previously agreed not to complete merger prior to Dec. 31

Kendall Sinclair

MEMPHIS, Tennessee , December 19, 2011 (press release) – International Paper Company (NYSE: IP - News) and Temple-Inland Inc. (NYSE: TIN - News) today announced that they have agreed with the U.S. Department of Justice ("DOJ") to extend the review period for their pending merger until January 27 , 2012. Previously, the companies had agreed with the DOJ not to consummate their merger prior to December 31 , 2011. The companies also agreed to extend the outside date under their merger agreement from June 6 to June 28, 2012 .

International Paper Senior Vice President and General Counsel Sharon Ryan said , "We continue to cooperate with the Department of Justice and look forward to satisfying the closing conditions for the completion of this transaction."


About International Paper

International Paper (NYSE: IP - News) is a global paper and packaging company with manufacturing operations in North America , Europe , Latin America , Russia , Asia and North Africa . Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the Company's North American distribution company. Headquartered in Memphis, Tennessee , the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion . For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

About Temple-Inland

Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of 7 mills and 59 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial and repair and remodeling markets. Temple-Inland's address on the World Wide Web is www.templeinland.com.

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