PORTLAND, Ore., Feb. 1 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
today responded to Weyerhaeuser Company's (NYSE: WY) extension of its tender
offer to purchase Willamette for $48 per share.
Duane C. McDougall, CEO of Willamette Industries, said: "Weyerhaeuser may
choose to keep extending its $48 per share offer indefinitely, but it won't
change anything. Our board has said Willamette is not for sale and has made
it clear, in public documents and numerous previously disclosed conversations
with Weyerhaeuser executives, that their offer is inadequate. We are focused
on profitably growing our business for the benefit of all Willamette
shareholders. As we demonstrated in our strong fourth quarter 2000 financial
results, we have good reason to be confident in our strategy and our future as
an independent company."
McDougall continued: "We want to thank all Willamette employees for their
continued hard work and dedication during this period and express our
appreciation to the many Willamette shareholders who have not tendered their
shares. We encourage all Willamette shareholders not to tender their shares
to Weyerhaeuser and, for those who have, to withdraw them."
Willamette Industries is an integrated forest products company with
105 plants, located in the U.S., France, Ireland and Mexico. The company owns
1.7 million acres of forestland which has been third-party certified as
meeting the Sustainable Forest Initiativesm standards of the American Forest
and Paper Association. Willamette produces building materials, composite wood
panels, fine paper, office paper products, corrugated packaging and grocery
bags.
Investors are urged to read the proxy statement that will be filed by
Willamette in connection with the 2001 annual meeting of shareholders when it
becomes available, as well as any solicitation/recommendation statement that
has been or may be filed by Willamette, because they contain important
information. Each of these documents has been or will be filed with the SEC
and investors may obtain a free copy of them at the SEC's Internet web site at
http://www.sec.gov. These documents may also be obtained for free (when available)
from Willamette by directing such request to: Willamette Industries, Inc.,
Attention: Investor Relations, 1300 S.W. Fifth Avenue, Suite 3800,
Portland, Oregon 97201, telephone: 503-227-5581, or MacKenzie Partners, Inc.
at 800-322-2885 (toll-free) or at 212-929-5500 (collect) or by e-mail at
proxy@mackenziepartners.com. Detailed information regarding the names,
affiliations and interests of individuals who may be deemed participants in
the solicitation of proxies of Willamette's shareholders is available in the
Soliciting Materials on Schedule 14A filed by Willamette with the SEC on
January 3, 2001.
SOURCE Willamette Industries
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Related links:
http://www.wii.com
Company News On-Call:
http://www.prnewswire.com/comp/971763.html or fax,
800-758-5804, ext. 971763
CONTACT:
Greg Hawley of EVP & CFO, 503-273-5640, or
Cathy Dunn, VP Communications, 503-273-5642, both of Willamette
Industries; or Paul Verbinnen, or David Reno, or Jim Barron, all
of Citigate Sard Verbinnen 212-687-8080
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