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May 25 (Reuters) - Rayonier Advanced Materials said on Thursday it would buy Canada's Tembec Inc for $807 million including debt.
Tembec shareholders will get C$4.05 ($3.02) in cash, or 0.2302 of a Rayonier share, for every Tembec share they own, the companies said.
The offer price is at a premium of 37.3 percent to Tembec's Wednesday close.
The deal includes $487 million in debt.
$1 = 1.3428 Canadian dollars Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Martina D'Couto