Willamette Rejects Weyerhaeuser Bid

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Willamette Industries

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rejected

Weyerhaeuser's

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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%.