Over 60% of Willamettes shareholders have backed Weyerhaeusers recent 38-per-share ($55) offer, continuing the hostilities that looked to have come to an end following Willamettes rejection of the bid (PrintWeek, 11 January).
A Willamette spokeswoman said the groups offer to buy the Building Products division of Georgia-Pacific (GP) was "the best value for its shareholders", and that Weyerhaeusers offer was "still wholly inadequate".
Willamettes shareholders have also instructed lawyers to send a letter to its board, directing it to comply with disclosure procedures regarding the Georgia Pacific deal.
The shareholders believe that a deal has been done to speed the acquisition through once negotiations are nearing completion, and that a termination fee has also been agreed subject to the deal not going through.
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