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January 7, 2014
07:03 EDTWYWeyerhaeuser sees non-cash impairment charge of $300M in Q4
On November 4, Weyerhaeuser announced that the company and Weyerhaeuser Real Estate Company, an indirect wholly owned subsidiary of Weyerhaeuser, had entered into a Transaction Agreement dated as of November 3 with TRI Pointe Homes and one of TRI Pointe’s subsidiaries, Topaz Acquisition. Pursuant to the Transaction Agreement, Weyerhaeuser will distribute all the shares of common stock of WRECO to its shareholders (i) on a pro rata basis, (ii) in an exchange offer or (iii) in a combination thereof. Immediately following the Distribution, Merger Sub will merge with and into WRECO, with WRECO surviving the Merger and becoming a wholly owned subsidiary of TRI Pointe. Under the terms of the Transaction Agreement, certain assets and liabilities of WRECO and its subsidiaries relating to Weyerhaeuser’s real estate business are excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to a large master planned community north of Las Vegas, Nevada. The Coyote Springs Property has a current consolidated book value of approximately $370M. Home construction, sale and related development at the Coyote Springs Property have been delayed pending further market recovery. As a result of the transactions contemplated by the Transaction Agreement, Weyerhaeuser’s management has determined that the company’s strategy for development of the Coyote Springs Property will differ from WRECO’s current development plan. Consequently, Weyerhaeuser’s management has concluded that it will recognize a non-cash charge for the impairment of these assets in 4Q13. At this time, Weyerhaeuser estimates that the non-cash impairment charge relating to the Coyote Springs Property will likely be in excess of $300M. Comments taken from an 8-K filing.
News For WY From The Last 14 Days
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February 5, 2016
10:05 EDTWYPlum Creek Timber to host special shareholder meeting
Special Shareholder Meeting to vote on the merger with Weyerhaeuser Company will be held in Seattle, Washington on February 12 at 1 pm.
10:01 EDTWYWeyerhaeuser to hold a special shareholder meeting
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05:44 EDTWYWeyerhaeuser sees Q1 Timberlands
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05:37 EDTWYWeyerhaeuser reports Q4 EPS ex-items 24c, consensus 24c
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February 4, 2016
14:35 EDTWYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Estee Lauder (EL), consensus $1.11... CME Group (CME), consensus 90c... Tyson Foods (TSN), consensus 89c... Weyerhaeuser (WY), consensus 24c.

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