Overview

• PotlatchDeltic shareholders will receive 1.7339 Rayonier shares per share, valuing their stake at $44.11 per share and an 8.25% premium to the Oct. 10 close.
• Upon completion, ownership is expected to be roughly 54% for Rayonier investors and 46% for PotlatchDeltic investors, with a new company name to be announced before closing.
• The combined company will control about 4.2 million acres across 11 states and run seven wood-products facilities, including six lumber mills totaling 1.2 billion board feet plus one industrial plywood mill.
• Leadership is set with Rayonier’s Mark McHugh as CEO and PotlatchDeltic’s Eric Cremers as executive chair for 24 months, a board split 5–5 between the companies, and a headquarters in Atlanta with regional offices in Spokane and Wildlight.
• Management projects roughly $40 million in annual synergies within two years, expects net debt to EBITDA near 2.5x, plans to maintain regular dividends until close, and Rayonier declared a one-time $1.40 special dividend payable Dec. 12 to holders of record Oct. 24.