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Pending Merger With Rayonier, Inc. | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Pending Merger With Rayonier, Inc. | NOTE 13. PENDING MERGER WITH RAYONIER INC. On October 13, 2025, PotlatchDeltic entered into an Agreement and Plan of Merger (the Merger Agreement) with Rayonier Inc. (Rayonier) and Redwood Merger Sub, LLC, a direct wholly owned subsidiary of Rayonier (Merger Sub), pursuant to which PotlatchDeltic will merge with and into Merger Sub with Merger Sub continuing as the surviving entity and a direct wholly owned subsidiary of Rayonier (the Merger). Upon closing, each share of PotlatchDeltic common stock will convert into 1.7339 (the Exchange Ratio) shares of Rayonier common shares, plus cash in lieu of any fractional shares (as such Exchange Ratio and cash amount may be adjusted pursuant to the terms of the Merger Agreement, including as described below, the Merger Consideration). Concurrently with the Merger announcement, Rayonier declared a one-time special dividend of $1.40 per share (consisting of up to 25% cash and the remainder in Rayonier common shares), payable on December 12, 2025, to shareholders of record as of October 24, 2025 (the Rayonier Special Dividend). To equalize the economic impact of the Rayonier Special Dividend, pursuant to the terms of the Merger Agreement, the Merger Consideration will be adjusted upon the record date of the Rayonier Special Dividend (and calculated immediately following its distribution date). With respect to the stock allocation of the Rayonier Special Dividend, the Exchange Ratio will be increased to account for the number of Rayonier Common Shares issued in the Rayonier Special Dividend. With respect to the cash allocation of the Rayonier Special Dividend, each share of PotlatchDeltic common stock shall be entitled to receive in the Merger an amount of cash equal to the amount of cash paid in the Rayonier Special Dividend on a per-share basis, multiplied by the Exchange Ratio (the Cash Adjustment Amount). At the effective time of the Merger (the Effective Time), PotlatchDeltic equity awards, including restricted stock units, performance share awards, stock equivalent units, and stock options, will convert into Rayonier equity awards, in each case, pursuant to the terms of the Merger Agreement. PotlatchDeltic and Rayonier have also agreed to various customary pre-closing covenants, including, to conduct its business in the ordinary course (subject to certain exceptions), to cooperate with respect to seeking regulatory approvals subject to specified limitations, to hold a meeting of its stockholders to obtain the requisite stockholder approvals contemplated by the Merger Agreement, not to solicit proposals relating to alternative business combination transactions, and subject to certain exceptions, not to engage in discussions or negotiations regarding an alternative business combination transaction. PotlatchDeltic and Rayonier have also agreed to coordinate the timing of their regular quarterly dividends prior to closing of the Merger. Each party may also declare and pay additional special dividends (other than the Rayonier Special Dividend) to the extent required to maintain REIT compliance, subject to: (i) an increase to the Cash Adjustment Amount for PotlatchDeltic stockholders if Rayonier declares and pays such a dividend, or (ii) a matching cash distribution by Rayonier if PotlatchDeltic declares and pays such a dividend, in accordance with the Merger Agreement. The Merger has been unanimously approved by both companies’ boards of directors and remains subject to shareholder approvals, regulatory approval, and other customary closing conditions. The transaction is expected to close in late first quarter or early second quarter of 2026. However, the Merger Agreement may be terminated under certain circumstances by either PotlatchDeltic or Rayonier, including (i) if the Merger has not been completed by July 13, 2026, subject to an automatic extension of 90 calendar days in order to obtain required regulatory approvals if all other closing conditions have been satisfied or waived; (ii) if the approval of either party’s stockholders is not obtained; and (iii) if the other party’s board of directors makes an adverse recommendation change with respect to the proposed Merger. If the Merger Agreement is terminated under certain circumstances, PotlatchDeltic may be required to pay a termination fee to Rayonier equal to $13

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