sold off in the premarket after the company said it was recommending against a sweetened takeover bid launched by
The Portland, Ore., forest products firm said it would instead continue to pursue its bid to acquire the building products unit of
, a move that Weyerhaeuser previously warned would cause it to terminate its bid.
Weyerhaeuser is offering $55 cash for each Willamette share, or $6.05 billion. On Instinet, Willamette recently traded down $6.06, or 12%, to $43.90.