MEMPHIS, Tenn. — Packaging and building materials maker Temple-Inland is rejecting a $3.3 billion unsolicited takeover bid from larger rival International Paper Co., saying the offer is too low and would face heavy regulatory scrutiny. Memphis-based International Paper proposed a bid of $30.60 per share — or around $3.3 billion — for all outstanding shares of Austin, Texas-based Temple-Inland Inc.

 

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