is buttressing its resistance to
hostile takeover bid.
The forestry products company said Thursday it sent a letter to the Tacoma, Wash.-based Weyerhaeuser that reiterated Willamette's rejection of its rival's "low-ball offer." Willamette, which is based in Portland, Ore., also sent a letter to its shareholders, urging them to reject Weyerhaeuser's "inadequate" takeover bid.
Weyerhaeuser launched a $5.4 billion, or $48-per-share, bid for Willamette last November, which Willamette rejected. But Weyerhaeuser has
been steadfast in the face of Willamette's equally firm stance.
recently evaluated the consequences of Willamette's
staunch refusal for its shareholders.
In its "Dear Weyerhaeuser Board Member" letter, Willamette maintained it was "prepared to fight this battle for as long as necessary to best protect the interests of
its shareholders and other constituencies."
As for its shareholders, Willamette had a clear and simple message: "Willamette's board believes it can achieve for you greater value over the longer term than Weyerhaeuser's offer."
Shares of Willamette closed at $44.57 yesterday in trading on the
New York Stock Exchange
, while Weyerhaeuser ended at $51.80.