After more than a year of wrangling, Willamette Industries rejected Weyerhaeuser's final, $55-a-share takeover bid, saying it would terminate all talks with the company and instead pursue the acquisition of Georgia-Pacific's building products business.
No more results found. William Swindells, chairman of Willamette, said the latest bid wasn’t enough. Swindells pointed to estimates that a combination of the two companies would yield $400 million in "synergies," or savings -- an amount Willamette leaders say should generate a higher offer from Weyerhaeuser.
In a statement, Weyerhaeuser said it was "disappointed" in the Willamette board's decision but has no plans to increase its bid.
The statement said, in part, "$55 per share is the highest price we are willing to pay. This is a premium offer that gives Willamette shareholders full and fair value for their investment in Willamette. We remain committed to this transaction."