SCHEDULE 14A
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
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WILLAMETTE INDUSTRIES, INC.
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(Name of Registrant as Specified in its Charter)
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WEYERHAEUSER COMPANY
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[Weyerhaeuser Company logo]
NEWS RELEASE
For Immediate Release
WEYERHAEUSER COMMENTS ON PRELIMINARY RESULTS
OF WILLAMETTE SHAREHOLDER VOTE
WEYERHAEUSER BELIEVES RESULTS PROVIDE CLEAR DIRECTION TO WILLAMETTE BOARD
FEDERAL WAY, Wash., July 2, 2001 - Weyerhaeuser Company (NYSE: WY) today
announced that the independent inspectors of election, Independent Voting
Services, have issued a preliminary tabulation of the voting results from
the 2001 annual meeting of shareholders of Willamette Industries, Inc.
(NYSE: WLL). According to the inspectors' report, 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 preliminary report shows that the Weyerhaeuser slate was elected with
the support of approximately 51 percent of the total shares voting for
either slate. Weyerhaeuser noted that the results are particularly
encouraging considering the significant number of shares held by members of
the Willamette founding families and other "insiders." Based on
Weyerhaeuser's analysis, the company believes that more than 75 percent of
the "unaffiliated" Willamette shares voting in the election were voted in
favor of the Weyerhaeuser nominees.
Steven R. Rogel, Weyerhaeuser chairman, president and chief executive
officer, said, "The outcome of this election provides clear direction 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.
"It is time for Weyerhaeuser and Willamette to sit down together and
accomplish the objectives of Willamette's shareholders - a prompt,
negotiated transaction with Weyerhaeuser to create the premier forest
products company headquartered in the Pacific Northwest," Rogel added.
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IMPORTANT INFORMATION
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.
Weyerhaeuser Company, one of the world's largest integrated forest products
companies, was incorporated in 1900. In 2000, sales were $16 billion. It
has offices or operations in 17 countries, with customers worldwide.
Weyerhaeuser is principally engaged in the growing and harvesting of
timber; the manufacture, distribution and sale of forest products; and real
estate construction, development and related activities. Additional
information about Weyerhaeuser's businesses, products and practices is
available at www.weyerhaeuser.com.
Today's news release, along with other news about Weyerhaeuser, is
available on the Internet at www.weyerhaeuser.com.
Weyerhaeuser contacts:
ANALYSTS MEDIA
Kathryn McAuley Joele Frank / Jeremy Zweig Bruce Amundson
Weyerhaeuser Joele Frank, Wilkinson Weyerhaeuser
(253) 924-2058 Brimmer Katcher (253) 924-3047
(212) 355-4449