RE:Weyerhaeuser $60 takeover scenarioDirectionally yes, but WY wouldn't work as being a timber REIT ties their hands. It would also rule out Rayonier, Potlatch, etc. for the same reason -- they must have 75%+ of asset value in land. I recall they divested a lot of mills when they switched over to this status, so they're heavily invested in it.
I hadn't looked at the details until now, and it's a pretty restrictive way to get preferential tax status.
https://www.timbertax.org/developments/Timber%20REIT%20Taxation%20Briefing.pdf
It makes for a narrow pool of US capital in the space. The private guys like GP or Roy O Martin or SPI, or the smaller sawmillers. LPX wouldn't be interested either.