MEMO: TIMBER SHOWDOWN TOO CLOSE TO CALL SO FAR

Weyerhaeuser Co. said Thursday it appears it has gained a toehold on the board of Willamette Industries Inc., but the rival timber company said the shareholder vote is too close to call.

In a showdown between two of the largest timber companies in the nation, shareholders of Willamette Industries cast votes Thursday that could decide whether Weyerhaeuser gives up its hostile takeover bid of Willamette.

Most of the voting has been done by proxy over the past few weeks, but some shareholders waited for this week's meeting of Willamette shareholders. Inside the Portland Art Museum, Willamette shareholders cast ballots for three of nine seats on the Willamette board. They chose between a Willamette slate of sitting company loyalists and a slate put up by Weyerhaeuser.