Weyerhaeuser Co. increased
its takeover offer for rival Willamette Industries to $50 per share from $48
and vowed to press its hostile bid at a meeting of Willamette shareholders next
month.
The new offer was outlined
in a letter sent today to William Swindells, chairman of Willamette, and to the
company's board of directors from Steve Rogel, chairman, president and CEO of Weyerhaeuser.
"Weyerhaeuser is as
committed as ever to the proposed transaction, even if that means replacing a
majority of your board with directors who respect the wishes of Willamette
shareholders," Rogel said.
"Weyerhaeuser firmly
believes that a combination of our two companies will result in a global forest
products leader based in the Pacific Northwest. In the interests of all of
Willamette's constituencies, we again ask that you negotiate a definitive
agreement promptly."
Explore the May 2001 Issue
Check out more from this issue and find your next story to read.
Latest from Recycling Today
- ReElement, Posco partner to develop rare earth, magnet supply chain
- Comau to take part in EU’s Reinforce project
- Sustainable packaging: How do we get there?
- ReMA accepts Lifetime Achievement nominations
- ExxonMobil will add to chemical recycling capacity
- ESAB unveils new cutting torch models
- Celsa UK assets sold to Czech investment fund
- EPA releases ‘National Strategy to Prevent Plastic Pollution’
