G-P Throws Wrinkle Into Drama

According to Weyerhaeuser President and CEO Steven Rogel, the $55 offer is the absolute highest offer the company will extend. The two companies finally sat down at the bargaining table in late December.

"Based on a thorough analysis of everything Willamette has provided, $55 per share represents the highest price we are prepared to pay for Willamette," Rogel wrote in a letter to Willamette's board of directors. "This is a premium offer that gives Willamette shareholders full and fair value for their investment in Willamette, including potential synergies of the proposed combination. While we are disappointed that you have not authorized Willamette's advisors to negotiate a definitive merger agreement, we are prepared to meet immediately to do so. That would permit our $55 cash offer to be received promptly by Willamette shareholders."