The Ademi Firm is investigating PotlatchDeltic (NASDAQ: PCH) for possible breaches of fiduciary duty and other violations of law in its transaction with Rayonier.
Shareholders of PotlatchDeltic will receive 1.7339 common shares of Rayonier for each share of PotlatchDeltic stock. The exchange ratio represents an implied price of $44.11 per PotlatchDeltic. Upon closing, Rayonier shareholders will own approximately 54% and PotlatchDeltic shareholders will own approximately 46% of the combined company.
PotlatchDeltic insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for PotlatchDeltic by imposing a significant penalty if PotlatchDeltic accepts a competing bid. We are investigating the conduct of the PotlatchDeltic board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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