SEATTLE - Willamette Industries said Friday that the board has rejected Weyerhaeuser Company's $6.1 billion takeover bid as inadequate -- and has cut off discussions about a buyout. <br>
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The board strongly urged shareholders not to tender any shares to timber rival Weyerhaeuser, which has been trying for more than a year to take over Portland, Oregon-based Willamette. <br>
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Weyerhaeuser is offering $55 a share for its rival. <br>
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Willamette said that after evaluating its strategic alternatives, it has decided to continue talks with Atlanta-based Georgia-Pacific Corp. about combining the building materials businesses. <br>
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Weyerhaeuser did not immediately return calls seeking comment. <br>
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Willamette for months has fought Weyerhaeuser's takeover bid, arguing that the price was too low. Weyerhaeuser boosted its offer to $55 a share last month from its previous offer of $50 a share. <br>
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Weyerhaeuser, headquartered in the Seattle suburb of Federal Way, has expressed strong opposition to the Willamette deal with Georgia-Pacific.
