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July 14 (Reuters) - Oaktree Capital Management L.P. :
* Oaktree sends letter to boards of directors of Tembec and Rayonier
* Oaktree Capital - Believe Rayonier's current offer "significantly undervalues" Tembec
* Oaktree Capital says sent letter to boards Tembec, Rayonier advanced materials conveying them of its intention to vote against Rayonier-Tembec deal
* Oaktree Capital says investment funds managed by Oaktree Capital Management L.P. own 19.9% of the common stock of Tembec Inc
* Oaktree Capital says if Rayonier's offer is not increased, "Believe Tembec shareholders would be better off if Tembec remains independent"
* Oaktree Capital says believe a "More equitable sharing of transaction synergies", combined Tembec and Rayonier company's future prospects is warranted Source text for Eikon: Further company coverage: