Anthony Pettinari

Ketan Mamtora

Mark Weintraub

Matthew McKellar

Michael Roxland

Buck Horne

Gregory Andreopoulos

- Rayonier and PotlatchDeltic announced an **all-stock merger of equals** transaction, where PotlatchDeltic shareholders will receive **1.7339 shares in Rayonier** for each PotlatchDeltic share, representing an **8.25% premium** to PotlatchDeltic based on October 10 closing prices.  **[0000052827_2181023_0]** 
- The combined company will own nearly **4.2 million acres of timberlands** across 11 states and have **1.2 billion board feet of lumber capacity** and **150 million square feet of plywood capacity**.  **[0000052827_2181023_0]** 
- The merger is expected to close in late first quarter or early second quarter of **2026** and is anticipated to generate **$40 million in annual synergies**, primarily from corporate and operational cost optimization.  **[0000052827_2181023_0]** **[0000052827_2181023_1]**  The combined company will be headquartered in **Atlanta, Georgia**.  **[0000052827_2181023_1]** 
- Eric Cremers will serve as **Executive Chair of the Board**, Mark McHugh as **President and CEO**, and Wayne Waisanen as **CFO** of the combined company.  **[0000052827_2181023_1]**  The combined company plans to maintain Rayonier's current quarterly dividend level, and a **$1.40 per share special dividend** will be paid to Rayonier shareholders in December.  **[0000052827_2181023_6]**

Rayonier and PotlatchDeltic Announce Merger of Equals

- **Rayonier** and **PotlatchDeltic** announced an **all-stock merger of equals** to form a leading land resources REIT.  **[0000052827_2180455:0]** 
- The transaction is anticipated to close in **late first quarter or early second quarter of 2026**.  **[0000052827_2180455:12]** 
- The combined entity is expected to achieve **$40 million** in estimated annual run-rate synergies and will have a pro forma market capitalization of approximately **$7.1 billion**.  **[0000052827_2180455:10]** 
- **PotlatchDeltic** shareholders will receive **1.7339x** shares in **Rayonier** for each share held, leading to **Rayonier** shareholders owning **54%** and **PotlatchDeltic** shareholders owning **46%** of the combined company.  **[0000052827_2180455:11]** 
- **Eric Cremers** (PotlatchDeltic's CEO) will become Executive Chair, and **Mark McHugh** (Rayonier's President & CEO) will be President & CEO of the new company, which will be headquartered in **Atlanta, Georgia**.  **[0000052827_2180455:11]**

- Rayonier and PotlatchDeltic have entered into a definitive agreement for an **all-stock merger of equals**, which is expected to result in a combined company with a pro forma equity market capitalization of **$7.1 billion** and a total enterprise value of **$8.2 billion**, including **$1.1 billion** of net debt.  **[52827_78a2f63fec22444a822aa26dcb4d621f_0]**  Upon closing, Rayonier shareholders will own approximately **54%** and PotlatchDeltic shareholders approximately **46%** of the combined entity.  **[52827_78a2f63fec22444a822aa26dcb4d621f_0]** 
- The merger is anticipated to generate **$40 million** in annual run-rate synergies and will create the **second-largest publicly traded timber and wood products company in North America**.  **[52827_78a2f63fec22444a822aa26dcb4d621f_0]** **[52827_78a2f63fec22444a822aa26dcb4d621f_2]**  The combined company will manage approximately **4.2 million acres** of timberland and operate with a lumber capacity of **1.2 billion board feet**.  **[52827_78a2f63fec22444a822aa26dcb4d621f_0]** **[52827_78a2f63fec22444a822aa26dcb4d621f_1]** 
- The transaction is expected to close in **late first quarter or early second quarter of 2026**.  **[52827_78a2f63fec22444a822aa26dcb4d621f_0]**  Additionally, Rayonier declared a special dividend of **$1.40 per share**, and PotlatchDeltic shareholders will receive adjusted merger consideration to account for this dividend.  **[52827_78a2f63fec22444a822aa26dcb4d621f_3]** **[52827_78a2f63fec22444a822aa26dcb4d621f_4]**

RAYONIER (RYN)