Potlatch and Deltic Timber to combine to create leading timberland REIT and lumber manufacturer

Monday, 23 Oct 2017 

Oct 23 (Reuters) - Potlatch Corp :Press release - potlatch and deltic timber to combine to create leading timberland reit and lumber manufacturer.Potlatch Corp - ‍Potlatch raises annual dividend from $1.50 to $1.60 per share​.Potlatch Corp - ‍Share repurchase authorization of $54 million remains in place​.Potlatch Corp - ‍Combined co is expected to have a pro forma equity market capitalization of about $3.3 billion and a total enterprise value of over $4.0 billion​.Potlatch Corp - ‍Deltic stockholders will receive 1.80 common shares of potlatch stock for each common share of deltic that they own​.Potlatch Corp - ‍Following close of transaction, Potlatch stockholders will own approximately 65% of combined company​.Potlatch Corp - ‍Following close of transaction, Deltic stockholders will own approximately 35% of combined co on a fully diluted basis​.Potlatch Corp - ‍Agreement also provides for Deltic to convert to a REIT structure, effective at closing date of transaction​.Potlatch Corp - ‍Combined company expects to realize approximately $50 million after-tax cash synergies and operational efficiencies​.Potlatch Corp - ‍Board of combined company will comprise eight directors from Potlatch and four directors from Deltic​.Potlatch Corp - ‍Both companies intend to maintain dividend payments through completion of transaction​.Potlatch - ‍As part of REIT conversion process, Deltic's accumulated earnings & profits to be distributed to combined co stockholders through dividend. 

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18 Jul 2019