Weyerhaeuser Intentds To Distribute WRECO Shares Via Split-off Deal

(RTTNews) - Weyerhaeuser Company (WY) announced its intention to distribute via a split-off transaction all of the issued and outstanding shares of Weyerhaeuser Real Estate Company or WRECO, an indirect subsidiary of Weyerhaeuser.

The split-off is in connection with the "Reverse Morris Trust" transaction, pursuant to which a subsidiary of TRI Pointe Homes, Inc. (TPH) will merge with and into WRECO, with WRECO surviving the merger and becoming a subsidiary of TRI Pointe. All of the 100 million issued and outstanding WRECO common shares will be offered in exchange for Weyerhaeuser common shares in the offer.

Weyerhaeuser shareholders will have the option to exchange some or all of their Weyerhaeuser common shares for WRECO common shares, which will immediately be converted into the right to receive shares of TRI Pointe common stock upon the consummation of the transaction. As a result of the exchange offer, the number of Weyerhaeuser's outstanding shares will be reduced.