Temple-Inland -the number three manufacturing employer in Floyd County, with more than 430 employees – has rejected a takeover bid from Memphis-based International Paper.

The Temple-Inland Board of Directors issued a statement on Monday afternoon indicating that it had rejected the unsolicited offer of $30.60 per share from IP.

According to the statement issued – the board determined unanimously, that the proposal grossly undervalues Temple-Inland and is not in the best interest of Temple-Inland stockholders.

International Paper, however has refused to take "no" for an answer at this point, deciding to take the offer directly to shareowners.