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."
May 8, 2001 |
Weyerhaeuser Co. sweetened its hostile takeover bid for rival Willamette Industries Inc. by 4%, hoping to end a five-month standoff and clinch a $5.5-billion merger before a scheduled proxy battle next month. Federal Way, Wash.-based Weyerhaeuser said in a letter to Willamette's board that it was raising its bid to $50 a share in cash, up from its previous offer of $48.
January 22, 2002 |
Willamette Industries Inc. said Monday that it has agreed to a sweetened $6-billion takeover offer by rival Weyerhaeuser Co., ending 14 months of jockeying between the two timber giants. The companies said Weyerhaeuser will pay $55.50 a share in cash, 50 cents a share more than what Weyerhaeuser Chairman Steven Rogel last month called his final offer. Willamette said its board is expected to consider the deal before the end of the month.