In a letter to shareholders, the board said the proposal “fundamentally undervalues Longview Fibre and its high quality timber assets”.

“We also note that Obsidian/Campbell’s recent statement about potentially lowering the value of their proposal reinforces its highly conditional nature,” the board added.

Longview has called a shareholders’ meeting for September 12 to vote on the bid.

The company manages about 587,000 acres of softwood timberlands, while manufacturing divisions include dimension and specialty lumber production.