Says Will Continue Fight for Full Value
PORTLAND, Ore., June 7 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
issued the following statement regarding Weyerhaeuser Company's (NYSE: WY)
long-running hostile takeover attempt and the shareholder vote involving
Weyerhaeuser's nominees to Willamette's Board of Directors. Preliminary
results indicate no clear winner, and the certification process is expected to
take two to three weeks.
William Swindells, Chairman of the Board of Willamette Industries, said,
"Preliminary results have been tallied, the vote is very close and we must
wait until all the votes have been certified.
"If our directors have been elected, and Weyerhaeuser is as good as its
word and withdraws its offer, we will continue to focus on delivering value to
our shareholders.
"Were Weyerhaeuser's nominees to be elected, certainly they would come to
our Board with a different perspective than the rest of us. Nevertheless, I
believe they are ethical people of good reputation who understand that their
fiduciary duties would require that they act in the best interests of
Willamette shareholders. And, I'm confident that after becoming familiar with
Willamette and aware of the information the Willamette Board of Directors has
been acting upon, they will see the merit of our actions."
Swindells continued, "Clearly, regardless of the eventual outcome, today's
result indicates that a large number of our shareholders desire the Board to
consider some form of value-enhancing transaction. As we have said all along,
we will consider serious offers -- as well as other initiatives such as
strategic combinations or share buybacks -- at times right for Willamette's
shareholders, not Weyerhaeuser's.
"As we have said before, it is not our strategy to sell the Company. We
will certainly not sell this company for less value than we believe we can
generate on our own, and we're going to continue fighting for full value for
our shareholders.
"Lastly, I want to thank Ben Whiteley, who is retiring from our Board, for
his dedicated service and many contributions to Willamette Industries. Ben
has always approached his fiduciary responsibilities in a conscientious
manner, and he will be missed," Swindells concluded.
Duane C. McDougall, President and Chief Executive Officer of Willamette,
said, "I want first to thank Willamette's employees for their unparalleled
dedication and support through what has been a distracting process. The past
seven months have reinforced for me just how tremendous a company Willamette
really is.
"We remain committed to serving our customers to the best of our abilities
no matter what happens, and we are dedicated to remaining the strong corporate
citizen our communities have come to depend upon and trust."
McDougall concluded, "We're going to move forward with our strategic
investment program; we're going to strive to achieve our financial goals and
to continue to outpace the industry; and we will do our best to continue
delivering superior value to our shareholders."
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 in the U.S. and manages it sustainably to
produce building materials, composite wood panels, fine paper, office paper
products, 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, Inc.
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Related links:
http://www.wii.com
CONTACT:
Paul Verbinnen, or David Reno, or Jim Barron,
all of Citigate Sard Verbinnen, 212-687-8080, for Willamette
Industries, Inc.; or Cathy Dunn, VP Communications, 503-273-5642,
or Greg Hawley, EVP & CFO, 503-273-5640, both of Willamette
Industries
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