Below is the detailed news from Reuters:

Temple-Inland Inc. announced that it has declared a dividend distribution of one Preferred Share Purchase Right on each outstanding share of Temple-Inland common stock. The Rights will be exercisable only if a person or group acquires 10% or more of Temple-Inland’s common stock. Each Right will entitle stockholders to buy one one-hundredth of a share of a new series of junior participating preferred stock at an exercise price of $120. The dividend distribution will be made on June 17, 2011, payable to stockholders of record as of the close of business on that date, and is not taxable to stockholders. The Rights will expire on June 7, 2016.