Weyerhaeuser Shareholders Approve Merger with Plum Creek
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Weyerhaeuser Co., Federal Way, Wash. USA, announced that during a special shareholders meeting held this past week, its shareholders voted to approve the issuance of Weyerhaeuser common shares in connection with the pending merger with Plum Creek Timber Co. The results indicate that more than 98% of the shares voting at the Weyerhaeuser special meeting voted in favor of the proposal.
As previously announced, on Nov. 6, 2015, Weyerhaeuser and Plum Creek entered into a merger agreement. On the terms and subject to the conditions set forth in the merger agreement, Plum Creek will merge with and into Weyerhaeuser, with Weyerhaeuser continuing as the surviving corporation in the merger.
At the time the merger becomes effective, each share of Plum Creek common stock issued and outstanding immediately prior to the effective time will be converted into the right to receive 1.60 Weyerhaeuser common shares.
Weyerhaeuser, one of the world's largest private owners of timberlands, began operations in 1900. It owns or controls nearly 7 million acres of timberlands, primarily in the U.S., and manages additional timberlands under long-term licenses in Canada. The company is a real estate investment trust. In 2015, it generated $7.1 billion in net sales and employed approximately 12,600 people who serve customers worldwide.
