Weyerhaeuser Asserts Gains in Willamette Bid
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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.” Companies typically bring in an independent firm to help count and recount votes in close polls, which delays the outcome.
Separately, Weyerhaeuser extended its tender offer for Willamette shares until midnight June 28, saying about 31% of Willamette outstanding shares had been tendered in support of the current $50-per-share offer as of midnight Wednesday.
On the NYSE, Willamette rose 20 cents to close at $48.78 and Weyerhaeuser rose 49 cents to close at $58.85.
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