Willamette Plunges After Rejecting Weyerhaeuser Bid - TheStreet

Willamette

(WLL) - Get Report

sold off in the premarket after the company said it was recommending against a sweetened takeover bid launched by

Weyerhaeuser

(WY) - Get Report

.

The Portland, Ore., forest products firm said it would instead continue to pursue its bid to acquire the building products unit of

Georgia-Pacific

(GP)

, 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.