July 17 (Reuters) - Tembec Inc's TMB.TO largest shareholder Oaktree Capital Management LP asked shareholders to vote against Rayonier Advanced Materials Inc's RYAM.N acquisition of the Canadian forest products company.
Oaktree, which owns a 19.9 percent stake in Tembec, said the deal is the result of a "flawed sale process", adding that there is a significant value gap between Rayonier's offer price and the "real value" of Tembec.