If I see anything that concerns me here, it's that the rhetoric went up a little bit in their response.
Steve Rogel is a very determined individual. He's got a big checkbook and he's not going away.
Willamette is in a very tough situation here. They have to play hard to get. They insist they are getting phone calls from other buyers. I don't believe it. I can't imagine who it would be.
Let Willamette's board deal with the consequences. This is a great time for Weyerhaeuser to be out looking for deals.
Weyerhaeuser put out a little bit of an olive branch and Willamette threw it back in their face.
I think it's about an even-money proposition that UPM will come back with another offer. The concern in the market is that either side is going to end up stretching it to $80 per share, and then it becomes a little more difficult to justify.
I'm very pleased to see this. It always seemed crazy to me to have the senior management sitting in suburban New York and have the divisional people all out of Memphis, Tennessee.
It just seems to me that with the stock at $50, the upside is only 109 percent. But if it doesn't happen, then there's significant downside for that stock.
The issues are all about price. The odds-on play here is that these guys do a deal. What's interesting is that I don't see any opening for Willamette to come to the table now.
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