Paper War Rages On

Though Willamette management feels the vote was too close to call, William Swindells, chairman and grandson of Willamette's founder, acknowledged: "Today's result indicates that a large number of our shareholders desire the board to consider some form of value-enhancing transaction."

The two companies are longstanding rivals. Steven Rogel, Weyerhaeuser chairman and CEO, left Willamette at the end of 1997, after 25 years there, to take over Weyerhaeuser. He has been attempting to purchase his former company ever since.