Federal Way, Washington, USA, 24 August 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 22 July were able to elect stock or cash for the special dividend of USD 5.6 billion, with the total cash distribution limited to 10%, or USD 560 million.
The election period closed at 5 p.m. Eastern Time on 23 August. Approximately 138.9 million shares, or 66% 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 USD 4.03 per share, or 15% of their special dividend, in cash and the remaining amount in stock.
The remaining shares, approximately 72.7 million or 34%, will receive the special dividend entirely in stock.
The average closing price on 24, 25, and 26 August will determine the number of shares each shareholder will receive.
Weyerhaeuser expects to pay the special dividend on 01 September 2010. Weyerhaeuser Company, one of the world’s largest forest products companies, began operations in 1900. The company grows and harvests trees, builds homes, and makes a range of forest products essential to everyday lives. Weyerhaeuser manages its timberland on a sustainable basis in compliance with internationally recognized forestry standards. At the end of 2009, the company employs approximately 14,900 employees in 10 countries; it has customers worldwide and generated USD 5.5 billion in sales in 2009. Weyerhaeuser's stock trades on the New York Stock exchange under the symbol WY. Additional information is available at http://www.weyerhaeuser.com.