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--> --> Willamette says it will consider bid by WeyCo PORTLAND (AP) - Willamette Industries' board says it will explore Weyerhaeuser Co.'s revised $55 per share hostile takeover offer, but stressed it will also continue to look at other options. In a statement released late Tuesday, Willamette said it also would continue to talk with Georgia-Pacific Corp. about buying that company's building products division, despite Weyerhaeuser's strong opposition to that purchase. Willamette, based in Portland, also said it would "consider other value-enhancing alternatives." Willamette spokesman Jackie Lang would not elaborate. Weyerhaeuser responded Tuesday that it was "ready to meet immediately" with Willamette to discuss the offer. Willamette released the statement following a board meeting Tuesday morning. The company said the board planned to meet again in the first week of January to review the alternatives, and made clear that it would not make any decision on the revised Weyerhaeuser offer before then. Willamette for months has fought Weyerhaeuser's takeover bid, arguing that the price was too low. Last week, Weyerhaeuser increased its offer to $55 a share, up from $50. While Willamette's board has long resisted the hostile takeover, Weyerhaeuser in June was able to persuade shareholders to elect three new members to Willamette's nine-person board who are friendly to its takeover bid. Weyerhaeuser said last week it would withdraw its offer if Willamette completes a deal with Georgia-Pacific. But Weyerhaeuser might still be interested if Willamette continues negotiations or does something less than actually buying the Georgia-Pacific assets. The meeting came a day after a New York money-management firm accused Portland-based Willamette's board of going against shareholders' interests by rejecting Weyerhaeuser's bid. In a letter to Willamette Chairman William Swindells Jr., P. Schoenfeld Asset Management threatened to raid the company's nine-member board by proposing three candidates for election at the company's next shareholder meeting, expected in summer 2002. Willamette's board already includes three directors backed by Weyerhaeuser in Willamette's 2001 elections. "We continue to believe that a majority of your shareholders will not tolerate your intransigence," Peter M. Schoenfeld wrote. "Should you continue to thwart the desires of a majority of your shareholders, (the investment firm) currently intends to nominate a slate of directors at Willamette's next annual meeting." Schoenfeld wouldn't say how many shares its clients - mostly pension funds, foundations and high-net worth individuals - own, but acknowledged its share is relatively small. The company's investors have owned the stock for about a year. Email your... Technical questions & comments to: WebMaster Daily Tidings editorial comments & questions to: Editor Visit our other Oregon Newspapers... | Albany Democrat-Herald | Ashland Daily Tidings | Corvallis Gazette-Times | | Lebanon Express | Newport News-Times | Springfield News | Cottage Grove Sentinel | Ashland Daily Tidings 1661 Siskiyou Blvd. Ashland, OR 97520 Telephone 541-482-3456 © Copyright 2001 Lee Northwest Publishing