A large shareholder in Willamette Industries has asked executives to negotiate a deal to sell the company to rival Weyerhaeuser.
Richard Clark, the son of Willamette co-founder Maurice Clark, has stated his willingness to sell the shares in his deceased father’s estate to Weyerhaeuser for US$55 a share, US$5 more than the current offer. Frantic trading on Wall Street followed the news last week with Willamette shares jumping US$5.
The day before Mr Clark’s intervention, a leading Wall Street financial analyst was speculating Weyerhaeuser may abandon its takeover attempt of rival Willamette Industries.
The analyst suggested Georgia-Pacific may be targeted instead.