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twitterMerger bid turns hostile
Wednesday, Nov. 29, 2000 | 10:54 a.m.
THE ASSOCIATED PRESS
NEW YORK -- A news report today said Weyerhaeuser Co. will make a $5.4 billion cash offer for rival paper maker Willamette Industries Inc., pursuing shareholder approval of a hostile takeover just two weeks after Willamette's board rejected a bid of equal value.
Weyerhaeuser's $48-a-share offer will be presented directly to shareholders, who will have until Jan. 4 to decide whether to accept, the Wall Street Journal reported on its Web site, citing people familiar with the matter.
The deal would boost Weyerhaeuser's annual revenue to more than $16 billion, and the combined company would have more than 7.6 million acres of timber land and more than 59,000 employees.
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