July 23 (Reuters) - Rayonier Advanced Materials RYAM.N said it raised its offer price for Canada's Tembec Inc TMB.TO to C$4.75 per Tembec share, valuing the deal at C$475 million ($378.6 million), excluding debt.
Rayonier, which makes high-value cellulose specialties fibers, said in May it would buy Tembec for C$4.05 per share, to expand into packaging and forest products. revised terms are approved by the boards of both companies. ($1 = 1.2546 Canadian dollars)