Weyerhaeuser’s US$5.3bn planned purchase of Willamette Industries Inc turned into a hostile takeover battle last week when the Willamette board rejected the company’s offer.
In a letter to Weyerhaeuser’s chairman and chief executive Steve Rogel, the Willamette board stated that ‘after careful consideration’ they ‘have unanimously determined that the bid is not in the best interests of Willamette or its shareholders’.
Weyerhaeuser said that it remained committed to the transaction and would explore other options.
