Duane McDougall

PORTLAND, OR—The art of letter writing is far from dead. Paper manufacturing giants Willamette and Weyerhaeuser are prime examples. In the most recent round of sweet nothings exchanged between the would-be merger companies, Willamette Industries Chairman William Swindells and CEO Duane McDougall sent a letter in October to Steven R. Rogel, chairman, president and CEO of Federal Way, WA-based Weyerhaeuser Co., inviting his company to submit a written offer in the high $50s to spur merger talks. "In view of our desire to put an end to the unproductive and costly stalemate for both our companies and shareholders, we write to offer you a

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,

NEW YORK—As the paper turf struggle between Weyerhaeuser and Willamette continues to heat up, one thing is becoming increasingly clear—it's a personal issue. In the end, however, the almighty dollar is expected to prevail. For the second time this year, Federal Way, WA-based Weyerhaeuser has extended its $5.4 billion hostile bid for fellow paper giant Willamette, of Portland, OR. Weyerhaeuser made the announcement in early February, opening the window until March 30. During the announcement, Weyerhaeuser representatives noted that 51 percent of Willamette's shares had been tendered at $48 per share. At the initial January 5 deadline, the company said that 48 percent of Willamette's shares

More Blogs