Willamette Rejects Weyerhaeuser Bid

Willamette Industries

(WLL) - Get Report

rejected

Weyerhaeuser's

(WY) - Get Report

proposal to acquire the company for $48 a share, or about $5.3 billion.

Willamette said its board unanimously determined that the offer wasn't in the best interests of the company or its shareholders.

Shares of Willamette closed today at $46.94, up 81 cents, or 1.8%.