Temple-Inland announces date of share distribution in spinoff of Guaranty, Forestar

By Lisa Kerner

Charlotte, N.C., Dec. 14 - Temple-Inland Inc. said it expects to distribute all the shares of common stock of Guaranty Financial Group. Inc. and Forestar Real Estate Group on Dec. 28.

The record date for the distribution of shares is Dec. 14, according to a form 8-K filing with the Securities and Exchange Commission.

The distribution is part of a previously announced plan to separate Temple-Inland into three standalone public companies.

Temple-Inland will retain its corrugated packaging and building products manufacturing operations following the spinoff of Guaranty, which is involved in financial services, and Forestar, which has operations in real estate.

The company also reported that most of the proceeds from the sale of its strategic timberland will be returned to stockholders through a special dividend of approximately $1.1 billion, or $10.25 per share. The remaining proceeds were used to pay down debt.

Following the spinoff, Temple-Inland common stock will continue to trade on the New York Stock Exchange under the symbol "TIN," while Guaranty common stock will trade on the NYSE under the symbol "GFG." Forestar common stock will trade on the NYSE under the symbol "FOR."

Austin, Texas-based Temple-Inland manufactures containerboard and converts it into a line of corrugated packaging.

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