Weyerhaeuser Company (NYSE: WY) today announced the preliminary results of its exchange offer for Weyerhaeuser common shares in connection with the split-off transaction of its homebuilding business, Weyerhaeuser Real Estate Company (“WRECO”). The exchange offer was in connection with the “Reverse Morris Trust” transaction, previously announced on November 4, 2013, pursuant to which a wholly owned subsidiary of TRI Pointe Homes, Inc. (NYSE: TPH) (“TRI Pointe”) will merge with and into WRECO (the “Merger”), with WRECO surviving the Merger and becoming a wholly owned subsidiary of TRI Pointe. Weyerhaeuser intends to accept shares validly tendered in the exchange offer, subject to proration, and expects the closing of the merger to occur on July 7, 2014 following the satisfaction of all closing conditions.
In the exchange offer, Weyerhaeuser shareholders had the option to exchange some, none or all of their Weyerhaeuser common shares for WRECO common shares, subject to proration. The final exchange ratio for the exchange offer was set at 1.7003 common shares of WRECO for each Weyerhaeuser common share validly tendered and not properly withdrawn. Following the closing of the Merger, each WRECO common share will automatically be converted into the right to receive 1.297 shares of TRI Pointe common stock. As a result, Weyerhaeuser shareholders who tendered their Weyerhaeuser common shares as part of the exchange offer will receive approximately 2.2053 shares of TRI Pointe common stock for each Weyerhaeuser common share accepted for exchange.
Weyerhaeuser Co is a real estate investment trust. It is a private owner of timberlands. The Company owns or controls nearly seven million acres of timberlands, primarily in the U.S., and manage another 14 million acres under long-term licenses in Canada.
Shares of WY rose 0.16%, or $0.05, at $32.29 with a 52-week range of $26.64 – $33.75.