July 20 (Reuters) - Tembec Inc TMB.TO
* Oaktree confirms over 50% of outstanding Tembec shares intend to vote against proposed acquisition by Rayonier
* Oaktree Capital says urges all Tembec shareholders to vote against proposed acquisition by Rayonier
* Oaktree Capital Management - investment funds managed by Oaktree Capital Management beneficially own 19.9% of common stock of Tembec Inc
* Oaktree Capital - continues to urge Tembec shareholders to follow recommendation of Glass Lewis, vote against Rayonier's deal, unless offer price is increased