Steven Rogel

PORTLAND, OR—The barbarians may be at the gate, but integrated forest products giant Willamette doesn't appear ready to throw in the towel. Still, Federal Way, WA-based Weyerhaeuser, repeatedly rebuffed by Willamette during this captivating hostile takeover attempt, made significant inroads toward its goal when the results of the June 7 board of directors election became official. Weyerhaeuser's slate of three—Thomas Luthy, Robert Lane and Evelyn Cruz Sroufe—nudged out the Willamette slate of Kenneth Hergenhan, Duane McDougall (president and CEO) and Robert Smelick for the three positions on the nine-member board. The Weyerhaeuser slate collected 49.16 million shares, or 44.85 percent of the total shares outstanding,

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. "(The offer) provides substantial value to Willamette shareholders at a premium well beyond what Willamette could achieve alone, now or later," Rogel told The Associated Press. Willamette is expected to urge stockholders not to accept the offer, which also includes Weyerhaeuser assuming roughly $1.7 billion in