From: Gary Lutin
To: Distribution: Willamette Shareholders
Sent: Tuesday, June 05, 2001 10:28 AM
Subject: Responses to 5/29 letter
The responses of both Willamette's and
Weyerhaeuser's chairmen -- or, more accurately, their failure to respond
-- indicates that both sides are dedicated to fighting rather than
Willamette's Swindells essentially reaffirmed
his "go away" position.
Weyerhaeuser's Rogel never called, apparently
changing his mind after asking me to wait for his return on Monday
Under these circumstances, shareholders should
assume that there is a high probability that both sides will continue
their squabbling after the June 7th vote. Willamette's management has
demonstrated their dedication to a "no surrender" strategy and can be
expected to focus on disparaging Weyerhaeuser and its delegates'
disruption of Willamette's board. Weyerhaeuser, by their failure to
exploit my letter's opportunity to position themselves for negotiations,
has signaled their very logical adoption of a standard strategy for
completing the acquisition of a "captive" company at the lowest possible
cost -- after allowing some deterioration in market value, which they will
of course blame on Willamette's management.
There appears to be little chance now that
either side will be genuinely receptive to a cooperative process of
negotiation, either before or after the vote. (Of course, as part of
their positioning, both sides will probably claim that they would be
willing but that the other side is obstructive.) But I will continue to
observe the situation, and will welcome suggestions of anything I might do
to support shareholder interests.
GL - 6/5/01