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."
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