PORTLAND, Ore., Dec. 18 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
today announced that its Board convened to discuss and evaluate the revised
$55 per share offer from Weyerhaeuser (NYSE: WY). At the meeting, the Board
determined to continue its previously announced negotiations with
Georgia-Pacific Corp. (NYSE: GP), to explore with Weyerhaeuser the revised
offer and to consider other value enhancing alternatives. Since
Georgia-Pacific was pursuing other strategic options when it agreed to
consider the proposed building products transaction with Willamette,
Willamette has agreed to reimburse Georgia-Pacific for its reasonable costs
and expenses if a Georgia-Pacific transaction is not completed.
The Willamette Board plans to reconvene the first week in January to
review its alternatives. Until such time, the Board does not expect to take a
position with respect to Weyerhaeuser's revised offer or other alternatives.
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, 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, or David Reno, or Jim
Barron, all of Citigate Sard Verbinnen, +1-212-687-8080, for
Willamette Industries
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