The board of
has given the company's management the green light to negotiate a possible acquisition of
building products business.
Willamette pointed out that there are no assurances that a transaction between the wood products companies will be completed. The Georgia-Pacific building products business had revenue of about $7 billion in 2000.
Willamette has been fighting off a takeover attempt by fellow forest products concern
for more than a year. Weyerhaeuser has repeatedly extended its $50-a-share hostile bid for Willamette and now claims to have about 52 million Willamette shares.
In premarket Instinet trading, Willamette was dropping 5.2% to $44.