FEDERAL WAY, Wash., August 24, 2010 — Weyerhaeuser Company (NYSE: WY) today announced the preliminary results of the shareholder election relating to a special dividend payable in connection with the company's previously announced intent to convert to a real estate investment trust (REIT).
Shareholders of record at the close of business on July 22 were able to elect stock or cash for the special dividend of $5.6 billion, with the total cash distribution limited to 10 percent, or $560 million. The election period closed at 5 p.m. Eastern on Aug. 23.
Approximately 138.9 million shares, or 66 percent of Weyerhaeuser shares outstanding on the record date, elected to receive the special dividend in the form of cash. Based on the election results, shareholders who elected cash will receive approximately $4.03 per share, or 15 percent of their special dividend, in cash and the remaining amount in stock.
The remaining shares, approximately 72.7 million or 34 percent, will receive the special dividend entirely in stock.
The average closing price on Aug. 24, 25 and 26 will determine the number of shares each shareholder will receive.
Weyerhaeuser expects to pay the Special Dividend on September 1, 2010.
Weyerhaeuser Company, one of the world’s largest forest products companies, began operations in 1900. We grow and harvest trees, build homes and make a range of forest products essential to everyday lives. We manage our timberland on a sustainable basis in compliance with internationally recognized forestry standards. At the end of 2009, we employed approximately 14,900 employees in 10 countries. We have customers worldwide and generated $5.5 billion in sales in 2009. Our stock trades on the New York Stock exchange under the symbol WY. Additional information about us is available at http://www.weyerhaeuser.com.
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