Says Will Continue to Fight for Full Value
PORTLAND, Ore., July 2 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
announced today preliminary results in the election of three nominees to its
Board of Directors.
In the preliminary vote count provided by the independent inspectors of
election, IVS Associates, Inc., three nominees, Thomas M. Luthy,
Robert C. Lane and Evelyn Cruz Sroufe, appear to have received votes totaling
approximately 48.35 million shares, or 44.1% of the total shares outstanding,
with Kenneth W. Hergenhan, Duane C. McDougall and Robert M. Smelick receiving
votes totaling approximately 46.85 million shares, or 42.7% of the total
shares outstanding. Willamette has approximately 109.6 million shares
outstanding. These preliminary results are subject to review by the Company
and by Weyerhaeuser Company (NYSE: WY) before they are certified. Final
certification of the vote is expected in several weeks.
Commenting on the preliminary election results, Willamette Chairman
William Swindells said, "The preliminary results indicate that Weyerhaeuser
has won an extremely close vote. That, and the fact that Weyerhaeuser failed
to gain a majority of our outstanding shares, reaffirm our view that our
shareholders do not support a sale of Willamette for $50 per share. Indeed,
even most of the shareholders that we have spoken to who voted for
Weyerhaeuser's slate don't support Weyerhaeuser's $50 offer."
"This election has done nothing to change our view that Weyerhaeuser's
$50 per share offer is woefully inadequate. We believe that we can generate
greater value on our own, and we will fight for as long as it takes on behalf
of our shareholders to deliver this value. The onus is still on Weyerhaeuser
to make a real offer or drop its hostile bid."
"I want to thank Ben Whiteley -- as well as Robert Smelick,
Kenneth Hergenhan and, of course, Duane McDougall -- for their dedicated
service on Willamette's Board. All four of these gentlemen have made enormous
contributions to Willamette and have taken very seriously their fiduciary
responsibilities to shareholders. Duane, in his capacity as President and CEO
of Willamette, will continue to work closely with the board," Swindells
concluded.
Duane C. McDougall, President and Chief Executive Officer of Willamette,
said, "I look forward to continuing to work closely with Willamette's Board of
Directors. The Board will determine where we go from here, and I'm confident
that they will continue to take their fiduciary duties seriously and do what
is right for Willamette's shareholders and other constituencies.
"I have been extremely gratified by the support we have received
throughout this fight from our shareholders, employees, customers and
communities and I would like to thank all of them for their support and
encouragement," McDougall concluded.
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.
 back to top
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, EVP & CFO, 503-273-5640, or
Cathy Dunn, VP Communications, 503-273-5642, both of Willamette
Industries, Inc.; or Paul Verbinnen, David Reno or Jim Barron,
all of Citigate Sard Verbinnen, 212-687-8080, for Willamette
Industries, Inc.
|
