International Paper Company made a rival offer to purchase all the outstanding shares of Champion International Corporation in a cash and stock transaction worth an estimated $6.2 billion. The bid countered a previous deal to merge Champion with Finland's UPM-Kymmene Corporation in an all-stock deal. The deal is worth $8.5 billion including debt. Based on NYSE closing prices in April 2000, the IP offer was a 20% premium over the implied value of the UPM-Kymmene proposal.