Weyerhaeuser Receives Final Certification of Willamette Shareholder Vote
Press release from the issuing company
FEDERAL WAY, Wash.-July 16, 2001--Weyerhaeuser Company today announced that the independent inspectors of election have certified the voting results from the 2001 annual meeting of shareholders of Willamette Industries, Inc.
The shareholders of Willamette have elected Weyerhaeuser's slate of nominees, Evelyn Cruz Sroufe, Robert C. Lane and Thomas M. Luthy, to serve on Willamette's board of directors.
The Weyerhaeuser slate was elected with the support of approximately 51 percent of the total shares voting for either slate. Based on Weyerhaeuser's analysis, Weyerhaeuser believes that more than 80 percent of the shares held by "unaffiliated'' Willamette shareholders voting in the election were voted in favor of the Weyerhaeuser nominees.
Weyerhaeuser believes that these results include well over one million shares that appear to have been improperly voted for Willamette.
Steven R. Rogel, Weyerhaeuser chairman, president and chief executive officer, said, "As we stated when the preliminary vote results were announced, we believe the outcome of this election provides a clear directive to Willamette. Willamette's shareholders, the owners of the company, have elected the Weyerhaeuser nominees to encourage Willamette to enter into negotiations with Weyerhaeuser immediately in order to maximize the value of their investment.
"We remain focused on creating the premier forest products company headquartered in the Pacific Northwest while generating value for both Weyerhaeuser and Willamette shareholders,'' Rogel added.
Company Holdings, Inc. ("CHI''), a wholly owned subsidiary of Weyerhaeuser Company, has commenced a tender offer for all the outstanding shares of common stock of Willamette Industries, Inc. at $50.00 per share, net to the seller in cash, without interest. The offer currently is scheduled to expire at 12:00 midnight, New York City time, on August 15, 2001. CHI may extend the offer. If the offer is extended, CHI will notify the depositary for the offer and issue a press release announcing the extension on or before 9:00 a.m. New York City time on the first business day following the date the offer was scheduled to expire.
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