The Globe and Mail reports in its Thursday edition that U.S.-based Oaktree Capital is turning to securities regulators in Ontario and Quebec to address some of its concerns about Rayonier Advanced Materials' proposed takeover of Tembec, saying there are disturbing questions about the role of Fairfax Financial Holdings in the deal. The Globe's Nicolas Van Praet writes that Oaktree has filed complaints with both the Ontario Securities Commission and Quebec's AMF. Oaktree is Tembec's biggest shareholder with a nearly 20-per-cent stake. The complaints come amid souring prospects for the $807-million (U.S.) transaction. Oaktree and Restructuring Capital, another Tembec shareholder, have both confirmed they oppose the agreement. They say the offer is too low, a view supported by proxy advisory firm Glass Lewis. Oaktree's appeal to regulators centres on the declaration, made by Tembec and Rayonier when they announced their friendly merger May 25, that Fairfax, a major Tembec shareholder, "is supportive of the transaction." Fairfax subsequently sold its position in Tembec in the days that followed. Oaktree notes that Fairfax received nearly 10 per cent more than the $4.07 a share being offered in the Rayonier deal.