Jul 12, 2011. /Lesprom Network/. International Paper Co. has announced a hostile takeover bid for Austin’s Temple-Inland Inc., offering $30.60 a share, or about $3.3 billion in cash. The stock solicitation will start today and run through Aug. 9. Temple-Inland advised shareholders to take no action on the stock offer until its board can review it. The company said its board will advise investors of its recommended course of action within 10 business days. The Austin company, which is a major maker of cardboard boxes, had rejected a similar offer from Memphis-based International Paper Co. in early June. It also adopted a shareholder rights plan to hold off a takeover. Goldman, Sachs & Co. is acting as a financial adviser to Temple-Inland. International Paper, which competes with Temple-Inland, said its takeover offer “fully reflects the future business plans and economic outlook for Temple-Inland.” The Memphis company said its offer is backed by financing from the UBS investment company. “Temple-Inland’s price expectations are unrealistic and their unwillingness to engage in any meaningful discussions with respect to value has left us with no alternative but to make our offer directly to Temple-Inland shareholders,” International Paper CEO John Faracity in a statement. Temple-Inland employs about 10,500 people worldwide, while International Paper employs more than 59,000.