Willamette Investors Form Buyout Strategy

A group of investors holding a 38.5% stake in Willamette Industries Inc. has organized to prevent a takeover of the Portland paper and lumber concern without its consent.

The members include Maurie Clark of Portland, who holds 2.1 million shares; Stuart J Shelk Jr. of Prineville, Ore., 240,608 shares; Georgiana G. Stevens of San Francisco, 321,637 shares, and Cornelia T. Wheeler of Portland, 561,927 shares.

The group signed a pact Jan. 21 stating that none of its members will act to further a takeover of the company unless the attempt has been approved by a majority of three representatives designated by the group.

The designated representatives are Clark, a retiree; William Swindells Jr., a wholesale corporate lender with Bank of America.