MONTREAL — Rayonier Advanced Materials has raised its takeover offer for Tembec after two of the Canadian forest products company’s shareholders had threatened to vote against the deal.

Oaktree Capital Management and Restructuring Capital Associates, who together represent approximately 37 per cent of Tembec’s outstanding shares, have agreed to vote in favor of the new proposal.

Shareholders are to vote on the deal July 27. It requires two-thirds support to proceed.

Under the Amended Arrangement Agreement, Tembec shareholders will have the right to elect to receive either $4.75 in cash or 0.2542 shares of Rayonier Advanced Materials common stock per Tembec common share.

Tembec manufactures forest products – lumber, paper, pulp and high purity cellulose – from operations are in Canada and France.

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