NEW YORK, March 7 /PRNewswire-FirstCall/ -- U.S. Timberlands Company, L.P.
(OTC Bulletin Board: TIMBZ.OB) today announced the successful completion of
the tender offer made by U.S. Timberlands Acquisition Co., LLC, an acquisition
entity formed by the company's management. The tender offer -- pursuant to
which the acquisition entity offered to purchase all outstanding common units
of the company at a price of $3.00 per common unit -- expired at 12:00,
midnight, New York City time, on March 6, 2003. Based on information from the
depositary agent for the offer, U.S. Timberlands Company, L.P. common unit
holders validly tendered 6,910,022 common units (including guaranteed
deliveries) (approximately 71% of the outstanding common units) during the
tender offer period. Combined with the additional 1,542,270 common units
(approximately an additional 16% of the outstanding common units) already
owned by the offerors and their affiliates, they now own approximately 87% of
the outstanding common units.
In accordance with the terms of the merger agreement, validly tendered
common units have been accepted and will be paid for promptly.
U.S. Timberlands Company, L.P. is in the process of preparing for mailing
to its limited partners materials relating to the merger of U.S. Timberlands
Acquisition Co., LLC with and into U.S. Timberlands Company, L.P.
Any questions concerning the merger should be addressed to the Information
Agent, Innisfree M&A Incorporated at (212) 750-5833 or (888) 750-5834.
U.S. Timberlands Company, L.P. and its affiliate own 670,000 fee acres of
timberland and cutting rights on 3,700 acres of timberland containing total
merchantable timber volume estimated to be approximately 1.9 billion board
feet in Oregon and Washington, east of the Cascade Range. U.S. Timberlands
specializes in the growing of trees and the sale of logs and standing timber.
Logs harvested from the timberlands are sold to unaffiliated domestic
conversion facilities. These logs are processed for sale as lumber, molding
products, doors, millwork, commodity, specialty and overlaid plywood products,
laminated veneer lumber, engineered wood I-beams, particleboard, hardboard,
paper and other wood products. These products are used in residential,
commercial and industrial construction, home remodeling and repair and general
industrial applications as well as a variety of paper products. U.S.
Timberlands also owns and operates its own seed orchard and produces
approximately five million conifer seedlings annually from its nursery,
approximately 75% of which are used for its own internal reforestation
programs, with the balance sold to other forest products companies.
Certain information discussed in this press release may constitute
forward-looking statements within the meaning of the Federal securities laws.
Although U.S. Timberlands believes that expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give
no assurance that its expectations will be achieved. Forward-looking
information is subject to certain risks, trends, and uncertainties that could
cause actual results to differ materially from those projected. Such risks,
trends and uncertainties include the highly cyclical nature of the forest
products industry, economic conditions in export markets, the possibility that
timber supply could increase if governmental, environmental or endangered
species policies change, and limitations on U.S. Timberlands' ability to
harvest its timber due to adverse natural conditions or increased governmental
restrictions. For a more complete description of factors, which could impact
U.S. Timberlands and the statements contained herein, reference should be made
to U.S. Timberlands' filings with the United States Securities and Exchange
Commission.
SOURCE U.S. Timberlands Company, L.P.
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Related links:
http://www.ustimberlands.com
Company News On-Call:
http://www.prnewswire.com/comp/128507.html
CONTACT:
Thomas C. Ludlow, Chief Financial Officer of
U.S. Timberlands Company, L.P., +1-212-755-1100
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