The long-delayed annual shareholder meeting of Willamette has been held, with neither Willamette nor Weyerhaeuser being in a position to proclaim victory (PrintWeek, 8 June).


"We believe the outcome proves Willamette shareholders want and expect their board to enter negotiations with Weyerhaeuser," said Weyerhaeuser chairman and chief executive, Steven Rogel.


Weyerhaeuser is proclaiming victory and hoping the way will now be paved for the election of its three nominees to Willamettes board.


Rogel has said that if the nominees are elected he hopes to complete a merger between the two giants "as soon as possible".


Willamette said that the results of the vote would not be known for at least a further two to three weeks, and that "the contest was far too close to call".


In a separate move, Weyerhaeuser has extended its $50-per-share offer for Willamette until midnight on 28 June.


Weyerhaeuser is claiming that at least 31% of outstanding Willamette shares have been tendered in support of the offer.


If Willamette is forced to sit down at the negotiating table with its rival, Rogel said Weyerhaeuser would raise its current bid.


Willamette president and chief executive, Duane McDougall, has repeated his stance that Weyerhaeusers offer grossly undervalues the company.


Story by Andy Scott