The offer is worth $48 dollars a share, three percent less than what they were listed for at midday on Tuesday (all figures in U.S. dollars).
In a statement, Williamette called the bid "an opportunistic attempt to acquire one of the industry's leading franchises when stock prices are depressed," adding that the company "is not for sale."
The offer expires Jan. 4. Weyerhaeuser decided to take the bid directly to shareholders after Williamette's board of directors rejected it in November. At the time, it was worth 38% more than what shares were listed for.
Some shareholders are in favour of accepting the offer, figuring it's the best deal they can get. Some analysts say Williamette's board is seeking an agreement worth more than $50 a share.
On Tuesday afternoon, Weyerhaeuser issued a statement expressing disappointment in the stubbornness of Williamette's board to not consider a merger. Weyerhaeuser said its plan would make the company stronger, benefit employees and shareholders and lead to $300 million in savings.
"We urge Willamette shareholders to tender their shares and send a message to the board and management of Willamette (that) this transaction is too compelling to ignore and Willamette's delaying tactics are only costing Willamette shareholders money," said Weyerhaeuser in a release.
