Willamette Accepts Weyerhaeuser Bid, Terminates Discussions With Georgia-Pacific
Willamette's decision comes just 17 days after its board rejected a $55 per share, all-cash offer from Weyerhaeuser as inadequate. The decision to tentatively accept a new bid of $55.50 per share, comes on the heels of a Weyerhaeuser statement that 64 percent of Willamette's outstanding shares had been tendered in support of the $55 per share offer.
Portland, Oregon-based Willamette said in a statement that its board would reconsider the offer at its next board meeting, to be convened before the end of January.
Willamette also said it terminated discussions with Georgia-Pacific Corp. about acquiring that company's massive building products unit.