Ends Negotiations With Georgia-Pacific
PORTLAND, Ore., Jan. 21 /PRNewswire-Firstcall/ --
Willamette Industries (NYSE: WLL) today announced that it has reached an
agreement in principal for the sale of Willamette to Weyerhaeuser (NYSE: WY)
for $55.50 per share in cash, subject to negotiation of a definitive merger
agreement. The Company also announced that negotiations with Georgia-Pacific
Corp. (NYSE: GP) have ended. The Weyerhaeuser agreement will be considered at
a Willamette Board meeting expected to be convened prior to the end of
January.
Willamette Industries is an integrated forest products company with
106 plants, located in the U.S., France, Ireland and Mexico. The Company owns
1.7 million acres of forestland in the U.S. and manages it sustainably to
produce building materials, composite wood panels, fine paper, office paper
products, and corrugated packaging and grocery bags.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. Any
such forward looking statement made by Willamette with respect to the
Weyerhaeuser tender offer is not entitled to the benefit of the safe harbor
protections of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties and actual
results could differ materially from those projected. Such risks and
uncertainties include, but are not limited to, the effect of general economic
conditions; the level of new housing starts and remodeling activity; the
availability and terms of financing for construction; competitive factors,
including pricing pressures; the cost and availability of wood fiber; the
effect of natural disasters on the Company's timberlands; construction delays;
risk of nonperformance by third parties; and the impact of environmental
regulations and other costs associated with complying with such regulations.
Please refer to Willamette Industries' Securities and Exchange Commission
filings for further information.
SOURCE Willamette Industries,
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Related links:
http://www.wii.com
Company News On-Call:
http://www.prnewswire.com/comp/971763.html
CONTACT:
Greg Hawley, EVP & CFO, +1-503-273-5640, or
Jackie Lang, Communications Manager, +1-503-721-2769, both of
Willamette Industries; or Paul Verbinnen, David Reno, or Jim
Barron, all of Citigate Sard Verbinnen, +1-212-687-8080
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