Weyerhaeuser’s $23 Billion Merger with Plum Creek

On November 8, 2015, Weyerhaeuser Company and Plum Creek Timber Company announced they have entered into a definitive merger agreement to create the world’s premier timber, land and forest products company. The combined company, which will retain the Weyerhaeuser name, will have more than 13 million acres of timberland in the United States. Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, Plum Creek stockholders will receive 1.60 common shares of Weyerhaeuser for each share of Plum Creek common stock. Based on share prices at the time of announcement, Weyerhaeuser would have an equity value of $23 billion upon completion of the merger. Cravath represented Weyerhaeuser in connection with this transaction.

The Cravath team was led by partners Richard Hall and Erik R. Tavzel and included associates Michael E. Mariani, Christopher S. Boutros and Feihong Xu on M&A matters; partner Andrew J. Pitts on securities matters; partner Eric W. Hilfers and associates Matthew Cantor and Aaron J. Feuer on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; and partner Christine A. Varney, practice area attorney Robin C. Landis and associate Caitlin N. Fitzpatrick on antitrust matters.