The 4.8bn battle for Willamette continues, with Weyerhaeuser extending its offer for all of Willamettes outstanding stock until midnight on 14 September (PrintWeek, 20 July).
Up until 15 August, Willamette shareholders had tendered some 46.5m shares in favour of the offer.
The newly composed Willamette board has also met for the first time, complete with the three members nominated by its hostile bidder.
The board authorised a re-purchase programme of up to 10m shares of its common stock, and said it would continue with its strategy of looking to buy timber companies rather than sell.
The programme was given the boards authorisation because it believed the stock was a good long-term investment. The move has given management flexibility to provide additional funds for shareholders.