Weyerhaeuser Gets Hostile With Willamette

PORTLAND—Two weeks after its board of directors rejected a $5.4 billion bid to sell all its 112.5 million shares to rival paper and wood products manufacturer Weyerhaeuser, Willamette Industries faced a hostile takeover attempt.

Weyerhaeuser Chairman Steven Rogel presented Willamette shareholders an unsolicited offer of $48 per share. Willamette shareholders had until January 4 to accept the offer.