Weyerhaeuser Company (NYSE:WY) announced the preliminary results of its exchange offer for stock in the spinoff of its homebuilding business. The exchange offer was oversubscribed by approximately 148.4 million shares for a preliminary proration factor of about 28%, based on the total number of Weyerhaeuser common shares reported to be tendered.

The exchange offer was part of a tax-free Reverse Morris Trust transaction in which Weyerhaeuser Real Estate Co. is merged with a unit of TRI Pointe Homes Inc. (TPH). Weyerhaeuser expects the transaction to close on July 7, according to a statement. The total amount of tendered stock includes an estimated 320,817 Weyerhaeuser shares tendered by odd-lot holders. Weyerhaeuser will exchange about 58.8 million shares in the transaction.

All Weyerhaeuser Real Estate shares owned by Weyerhaeuser are expected to be distributed to Weyerhaeuser shareholders who tendered their shares in the exchange, as more than 58.8 million Weyerhaeuser common shares were tendered, the statement said. No Weyerhaeuser Real Estate shares are expected to be distributed to Weyerhaeuser shareholders as a pro rata dividend. Weyerhaeuser slipped 0.4% in early trading to $32.78 a share. It has traded from $26.64 to $33.26 during regular hours in the past 52 weeks.