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Weyerhaeuser Pleased With Willamette Tender Results

Friday, January 11, 2002

Press release from the issuing company

FEDERAL WAY, Wash.--Jan. 10, 2002--Weyerhaeuser Company today announced that it has extended its $55 per share cash tender offer for all of the outstanding common stock of Willamette Industries, Inc. until midnight, New York City time, on February 27, 2002. As of midnight, New York City time, on January 9, 2002, Willamette shareholders had tendered and not withdrawn approximately 70 million shares pursuant to Weyerhaeuser's tender offer. This represents approximately 64 percent of Willamette's outstanding common shares. Steven R. Rogel, chairman, president, and chief executive officer of Weyerhaeuser, stated, "We are gratified to receive this level of support from the Willamette shareholders. We hope that the Willamette board of directors will view the tender results as a referendum on Willamette's competing value alternatives. Willamette shareholders have demonstrated their clear preference to complete a transaction with Weyerhaeuser and not to enter into a transaction with Georgia-Pacific. "A combination of Willamette and Weyerhaeuser will create the premier forest products company, with its headquarters in the Pacific Northwest. The combined company will have high quality management and assets focused on complementary products. Working together we can accomplish great things,'' Mr. Rogel said.




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