Takeover offer made

Monday, Nov. 13, 2000 | 11:08 a.m.

PORTLAND, Ore. -- Weyerhaeuser Co. is offering $5.3 billion for Willamette Industries Inc. in a bid to unite two of the largest forest products companies in the Northwest.

Weyerhaeuser, based in Federal Way, Wash., said today it had written a letter dated Nov. 6 proposing to buy all of Portland-based Willamette's outstanding common stock for $48 per share in cash. Willamette also has total debt of about $1.7 billion.

Four days later, however, Willamette responded that its board had failed to endorse the takeover bid at a meeting Thursday.

Weyerhaeuser said it would interpret Willamette's response as a rejection and pursue other means of consummating the transaction.

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