Temple-Inland shareholders led by Icahn reduce ownership interest to less than 5%

By Lisa Kerner

Charlotte, N.C., Dec. 1 - Carl C. Icahn affiliates led by High River LP cut their stake in Temple-Inland Inc. to 4.99% from 6.94% with the sale of 2,079,098 shares of the company's stock on Nov. 25 and Nov. 26.

The shares were priced from $2.9781 to $3.0181 each, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Between Oct. 20 and Nov. 24, the investors sold 2,065,517 shares of the company's stock, a prior SEC filing said.

Icahn and his affiliates beneficially own about 5.31 million shares of the company's outstanding stock.

Austin, Texas-based Temple-Inland manufactures containerboard and converts it into a line of corrugated packaging.

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