November 14, 2000 |
Forest products company Weyerhaeuser Co. on Monday offered to buy rival Willamette Industries Inc. for about $5.3 billion in a deal that would create one of North America's top lumber producers. The unsolicited takeover offer--which at $48 a share represents a 38% premium over Willamette's closing stock price Friday--comes as the industry has been hit with a softening economy as well as low prices and slumping demand for lumber.
March 13, 1996 |
Hanson U.S. Timber Assets Sold for $1.58 Billion: Willamette Industries Inc. will acquire the Louisiana and Pacific Northwest timber operations of Cavenham Forest Industries, an affiliate of the British conglomerate, for $1.588 billion. Portland, Ore.-based Willamette said it plans to sell some of the 1.02 million acres of timberland. But it will retain and operate Cavenham's sawmill in Warrenton, Ore.
December 13, 2000 |
Paper company Willamette Industries Inc. said its board unanimously voted to recommend that its shareholders reject Weyerhaeuser Co.'s $5.4-million hostile takeover bid. Portland, Ore.-based Willamette said the $48-per-share offer was "inadequate and, among other things, not in the best interests" of the company's shareholders. Willamette's move was expected.
March 16, 1990
A group of investors holding a 38.5% stake in Willamette Industries Inc. has organized to prevent a takeover of the Portland paper and lumber concern without its consent. The members include Maurie Clark of Portland, who holds 2.1 million shares; Stuart J Shelk Jr. of Prineville, Ore., 240,608 shares; Georgiana G. Stevens of San Francisco, 321,637 shares, and Cornelia T. Wheeler of Portland, 561,927 shares. The group signed a pact Jan.
May 10, 2001 |
The board of Willamette Industries Inc. said it has rejected a sweetened buyout offer from rival Weyerhaeuser Co. as a showdown approaches in the hostile takeover bidding launched in the fall by Weyerhaeuser Chairman Steve Rogel. Meanwhile, about 1,400 Weyerhaeuser workers went on strike in Oregon and Washington after contract talks stalled over medical and pension benefits, wages and bringing in outside contractors to do union jobs. Federal Way, Wash.
June 8, 2001 |
Weyerhaeuser Co. claimed a tentative victory in its bitter battle for representation on smaller rival Willamette Industries Inc.'s board, a move that could pave the way for the forestry products company to emerge triumphant in its $5.5-billion hostile takeover bid for Willamette. Willamette, however, said the results of the proxy vote likely would not be known for two weeks or more, calling the contest for the three board seats "too close to call."