[425] – POTLATCHDELTIC CORP (PCH) (CIK 0001338749)
Rayonier posted a Rule 425 communication about a proposed all‑stock merger‑of‑equals with PotlatchDeltic. The message highlights forward‑looking statements regarding potential benefits, synergies, operating results, harvest schedules, timberland transactions, cash flow, and strategy, while cautioning that actual outcomes may differ due to numerous risks.
To advance the combination, Rayonier will file a Form S‑4 containing a joint proxy statement/prospectus for both companies. Shareholder approvals and required governmental and regulatory clearances are needed, and closing conditions could delay or prevent completion. Investors are directed to review the joint proxy statement/prospectus and related SEC filings, which will be available free on the SEC, Rayonier, and PotlatchDeltic websites. The communication states it is not an offer to sell or solicit the purchase of securities.
Rayonier ha pubblicato una comunicazione Rule 425 riguardante una proposta fusione interamente azionaria "merger of equals" con PotlatchDeltic. Il messaggio evidenzia dichiarazioni previsionali relative a potenziali benefici, sinergie, risultati operativi, piani di raccolta, transazioni di foreste, flusso di cassa e strategia, avvertendo che gli esiti effettivi possono differire a causa di numerosi rischi.
Per avanzare la fusione, Rayonier presenterà una Form S-4 contenente una dichiarazione congiunta e un prospetto informativo per entrambe le società. Sono necessarie approvazioni degli azionisti e le necessarie autorizzazioni governative e regolamentari, e le condizioni di chiusura potrebbero ritardare o impedire il completamento. Gli investitori sono invitati a consultare la dichiarazione congiunta e il prospetto informativo e i relativi documenti SEC, disponibili gratuitamente sui siti della SEC, di Rayonier e di PotlatchDeltic. La comunicazione specifica che essa non è un'offerta di vendita o di solicitazione all'acquisto di titoli.
Rayonier publicó una comunicación de Regla 425 sobre una propuesta de fusión de igual a igual totalmente en acciones con PotlatchDeltic. El mensaje destaca declaraciones prospectivas respecto a posibles beneficios, sinergias, resultados operativos, calendarios de cosecha, transacciones de tierras forestales, flujo de caja y estrategia, y advierte que los resultados reales pueden diferir debido a numerosos riesgos.
Para avanzar con la combinación, Rayonier presentará un Formulario S‑4 que contendrá una declaración conjunta de proxies/prospecto para ambas empresas. Se requieren aprobaciones de los accionistas y las autorizaciones gubernamentales y regulatorias necesarias, y las condiciones de cierre podrían retrasar o impedir la finalización. Se indica a los inversionistas que revisen la declaración conjunta de proxies/prospecto y los documentos relacionados de la SEC, que estarán disponibles gratuitamente en los sitios web de la SEC, Rayonier y PotlatchDeltic. La comunicación indica que no es una oferta para vender o solicitar la compra de valores.
레이오니어는 포틀래치델틱과의 전적으로 주식으로 이루어진 동종 합병(all-stock merger-of-equals)을 제안하는 규칙 425 커뮤니케이션을 게시했습니다. 이 메시지는 잠재적 이점, 시너지 효과, 운영 실적, 수확 일정, 임목지 자산 거래, 현금 흐름 및 전략에 관한 향후 전망 진술을 강조하면서도 실제 결과가 다양한 위험으로 인해 다를 수 있음을 주의합니다.
이 합병을 진행하기 위해 레이오니어는 Form S-4를 제출하여 두 회사에 대한 공동 대리인 진술/공개설명을 포함할 것입니다. 주주 승인과 필요한 정부 및 규제 승인들이 필요하며, 종결 조건이 완료를 지연시키거나 방해할 수 있습니다. 투자자들은 SEC, Rayonier 및 PotlatchDeltic의 웹사이트에서 무료로 이용 가능한 공동 대리인 진술/공개설명 및 관련 SEC 제출 문서를 검토하라는 지시를 받습니다. 이 커뮤니케이션은 증권을 매매하거나 구매를 권유하는 것이 아니라고 명시합니다.
Rayonier a publié une communication Rules 425 concernant une proposition de fusion équivalente entièrement en actions avec PotlatchDeltic. Le message met en avant des déclarations prospectives relatives à des avantages potentiels, des synergies, des résultats opérationnels, des calendriers de récolte, des transactions forestières, des flux de trésorerie et de la stratégie, tout en avertissant que les résultats réels peuvent différer en raison de nombreux risques.
Pour faire avancer l'alliance, Rayonier déposera un Formulaire S-4 contenant une déclaration conjointe de procuration/prospectus pour les deux sociétés. Des approbations des actionnaires et les autorisations gouvernementales et réglementaires requises sont nécessaires, et les conditions de clôture pourraient retarder ou empêcher l'achèvement. Les investisseurs sont invités à examiner la déclaration conjointe de procuration/prospectus et les documents SEC connexes, qui seront disponibles gratuitement sur les sites web de la SEC, de Rayonier et de PotlatchDeltic. La communication indique qu'il ne s'agit pas d'une offre de vendre ou de solliciter l'achat de titres.
Rayonier veröffentlichte eine Rule-425-Mitteilung über eine vorgeschlagene reinaktienbasierte Fusion von Gleichgestellten mit PotlatchDeltic. Die Mitteilung hebt zukunftsgerichtete Aussagen über potenzielle Vorteile, Synergien, Betriebsergebnisse, Erntepläne, Transaktionen mit Waldland, Cashflow und Strategie hervor und warnte gleichzeitig, dass tatsächliche Ergebnisse aufgrund zahlreicher Risiken abweichen können.
Um die Kombination voranzutreiben, wird Rayonier eine Form S-4 einreichen, die eine gemeinsame Proxystatement/Prospekt für beide Unternehmen enthält. Aktionärsfreigaben und erforderliche behördliche und regulatorische Freigaben sind erforderlich, und Abschlussbedingungen könnten den Abschluss verzögern oder verhindern. Anleger werden aufgefordert, die gemeinsame Proxy statement/prospectus und die damit verbundenen SEC-Einreichungen zu prüfen, die kostenlos auf den Websites der SEC, von Rayonier und PotlatchDeltic verfügbar sein werden. Die Mitteilung besagt, dass sie kein Angebot zum Verkauf oder zur Aufforderung zum Kauf von Wertpapieren ist.
Rayonier نشرَ اتّصال Rule 425 حول الاندماج المتماثل القائم على الأسهم بين PotlatchDeltic. تسلّط الرسالة الضوء على بيانات مطابقة للمستقبل تتعلق بفوائد محتملة وتآزر ونتائج تشغيلية وجداول الحصاد وعمليات الأراضي الخشبية وتدفق نقدي واستراتيجية، مع التحذير من أن النتائج الفعلية قد تختلف بسبب العديد من المخاطر.
لدفع التجميع قدمًا، ستقوم Rayonier بتقديم نموذج S-4 يحتوي على بيان تفويض/نشرة استثمار مشتركة لكلا الشركتين. يلزم موافقات المساهمين والتصاريح الحكومية والتنظيمية المطلوبة، وقد تؤخر شروط الإغلاق أو تمنع إتمام العملية. يُطلب من المستثمرين الاطلاع على بيان التفويض المشترك ونشرة الاستثمار والوثائق المتعلقة بـ SEC، والتي ستتوفر مجانًا على مواقع SEC، وRayonier، وPotlatchDeltic. تنص الرسالة أنها ليست عرضًا لبيع أو دعوة لشراء الأوراق المالية.
Rayonier 发布了关于与 PotlatchDeltic 提议的全股票对等并购的 Rule 425 通报。该信息强调关于潜在利益、协同效应、经营业绩、收获计划、木地产业务交易、现金流和战略的前瞻性陈述，同时提醒实际结果可能由于众多风险而有所不同。
为了推进合并，Rayonier 将提交 Form S-4，其中包含双方公司的联合授权声明/招股说明书。需要股东批准以及必要的政府与监管批准，且收盘条件可能延迟或阻碍完成。投资者被指示查阅联合授权声明/招股说明书及相关的 SEC 文件，这些文件将在 SEC、Rayonier 和 PotlatchDeltic 的网站上免费提供。该通讯声明它不是出售或招揽证券购买的要约。
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Insights
Proposed all‑stock merger; approvals and S‑4 ahead.
The communication announces a planned all‑stock merger‑of‑equals between Rayonier and PotlatchDeltic. It outlines expected benefits and operational themes (synergies, harvest schedules, timberland deals) as forward‑looking statements and emphasizes that outcomes may differ due to listed risks.
Completion depends on shareholder votes and governmental and regulatory approvals, with standard closing conditions that could delay or terminate the deal. An S‑4 registration with a joint proxy statement/prospectus will provide the definitive terms and risk details.
Investor impact ultimately hinges on transaction effectiveness and integration. The filing directs investors to the SEC, Rayonier, and PotlatchDeltic sites for the joint proxy statement/prospectus when available.
Rayonier ha pubblicato una comunicazione Rule 425 riguardante una proposta fusione interamente azionaria "merger of equals" con PotlatchDeltic. Il messaggio evidenzia dichiarazioni previsionali relative a potenziali benefici, sinergie, risultati operativi, piani di raccolta, transazioni di foreste, flusso di cassa e strategia, avvertendo che gli esiti effettivi possono differire a causa di numerosi rischi.
Per avanzare la fusione, Rayonier presenterà una Form S-4 contenente una dichiarazione congiunta e un prospetto informativo per entrambe le società. Sono necessarie approvazioni degli azionisti e le necessarie autorizzazioni governative e regolamentari, e le condizioni di chiusura potrebbero ritardare o impedire il completamento. Gli investitori sono invitati a consultare la dichiarazione congiunta e il prospetto informativo e i relativi documenti SEC, disponibili gratuitamente sui siti della SEC, di Rayonier e di PotlatchDeltic. La comunicazione specifica che essa non è un'offerta di vendita o di solicitazione all'acquisto di titoli.
Rayonier publicó una comunicación de Regla 425 sobre una propuesta de fusión de igual a igual totalmente en acciones con PotlatchDeltic. El mensaje destaca declaraciones prospectivas respecto a posibles beneficios, sinergias, resultados operativos, calendarios de cosecha, transacciones de tierras forestales, flujo de caja y estrategia, y advierte que los resultados reales pueden diferir debido a numerosos riesgos.
Para avanzar con la combinación, Rayonier presentará un Formulario S‑4 que contendrá una declaración conjunta de proxies/prospecto para ambas empresas. Se requieren aprobaciones de los accionistas y las autorizaciones gubernamentales y regulatorias necesarias, y las condiciones de cierre podrían retrasar o impedir la finalización. Se indica a los inversionistas que revisen la declaración conjunta de proxies/prospecto y los documentos relacionados de la SEC, que estarán disponibles gratuitamente en los sitios web de la SEC, Rayonier y PotlatchDeltic. La comunicación indica que no es una oferta para vender o solicitar la compra de valores.
레이오니어는 포틀래치델틱과의 전적으로 주식으로 이루어진 동종 합병(all-stock merger-of-equals)을 제안하는 규칙 425 커뮤니케이션을 게시했습니다. 이 메시지는 잠재적 이점, 시너지 효과, 운영 실적, 수확 일정, 임목지 자산 거래, 현금 흐름 및 전략에 관한 향후 전망 진술을 강조하면서도 실제 결과가 다양한 위험으로 인해 다를 수 있음을 주의합니다.
이 합병을 진행하기 위해 레이오니어는 Form S-4를 제출하여 두 회사에 대한 공동 대리인 진술/공개설명을 포함할 것입니다. 주주 승인과 필요한 정부 및 규제 승인들이 필요하며, 종결 조건이 완료를 지연시키거나 방해할 수 있습니다. 투자자들은 SEC, Rayonier 및 PotlatchDeltic의 웹사이트에서 무료로 이용 가능한 공동 대리인 진술/공개설명 및 관련 SEC 제출 문서를 검토하라는 지시를 받습니다. 이 커뮤니케이션은 증권을 매매하거나 구매를 권유하는 것이 아니라고 명시합니다.
Rayonier a publié une communication Rules 425 concernant une proposition de fusion équivalente entièrement en actions avec PotlatchDeltic. Le message met en avant des déclarations prospectives relatives à des avantages potentiels, des synergies, des résultats opérationnels, des calendriers de récolte, des transactions forestières, des flux de trésorerie et de la stratégie, tout en avertissant que les résultats réels peuvent différer en raison de nombreux risques.
Pour faire avancer l'alliance, Rayonier déposera un Formulaire S-4 contenant une déclaration conjointe de procuration/prospectus pour les deux sociétés. Des approbations des actionnaires et les autorisations gouvernementales et réglementaires requises sont nécessaires, et les conditions de clôture pourraient retarder ou empêcher l'achèvement. Les investisseurs sont invités à examiner la déclaration conjointe de procuration/prospectus et les documents SEC connexes, qui seront disponibles gratuitement sur les sites web de la SEC, de Rayonier et de PotlatchDeltic. La communication indique qu'il ne s'agit pas d'une offre de vendre ou de solliciter l'achat de titres.
Rayonier veröffentlichte eine Rule-425-Mitteilung über eine vorgeschlagene reinaktienbasierte Fusion von Gleichgestellten mit PotlatchDeltic. Die Mitteilung hebt zukunftsgerichtete Aussagen über potenzielle Vorteile, Synergien, Betriebsergebnisse, Erntepläne, Transaktionen mit Waldland, Cashflow und Strategie hervor und warnte gleichzeitig, dass tatsächliche Ergebnisse aufgrund zahlreicher Risiken abweichen können.
Um die Kombination voranzutreiben, wird Rayonier eine Form S-4 einreichen, die eine gemeinsame Proxystatement/Prospekt für beide Unternehmen enthält. Aktionärsfreigaben und erforderliche behördliche und regulatorische Freigaben sind erforderlich, und Abschlussbedingungen könnten den Abschluss verzögern oder verhindern. Anleger werden aufgefordert, die gemeinsame Proxy statement/prospectus und die damit verbundenen SEC-Einreichungen zu prüfen, die kostenlos auf den Websites der SEC, von Rayonier und PotlatchDeltic verfügbar sein werden. Die Mitteilung besagt, dass sie kein Angebot zum Verkauf oder zur Aufforderung zum Kauf von Wertpapieren ist.
Filed by Rayonier Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: PotlatchDeltic Corporation
(Commission File No. 001-32729)
Date: October 14, 2025
The following communication was posted by Rayonier Inc. on its LinkedIn account on October 14, 2025 in connection with the proposed combination of Rayonier and PotlatchDeltic in an all-stock merger-of-equals transaction.
LinkedIn Copy
Cautionary Statement Regarding Forward-Looking Information
This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would” and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Rayonier Inc.’s and PotlatchDeltic Corporation’s current views about future events. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving Rayonier Inc. and PotlatchDeltic Corporation, including future financial and operating results, Rayonier Inc.’s and PotlatchDeltic Corporation’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the transaction, and other statements that are not historical facts, including expected synergies, harvest schedules, timberland acquisitions and dispositions, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this communication will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation: the ability to timely or at all obtain the requisite Rayonier Inc. and PotlatchDeltic Corporation shareholder approvals; the risk that Rayonier Inc. or PotlatchDeltic Corporation may be unable to obtain required governmental and regulatory approvals required for the merger (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger); the risk that an event, change or other circumstance could give rise to the termination of the proposed merger; the risk that a condition to closing of the merger may not be satisfied on a timely basis or at all; the risk that the timing to consummate the proposed merger may be delayed; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the proposed transaction could have adverse effects on the market price of Rayonier Inc.’s Common Shares or PotlatchDeltic Corporation’s Common Stock; the risk of litigation related to the proposed transaction; disruption from the transaction making it more difficult to maintain relationships with customers, employees, contractors, suppliers, vendors or joint venture partners; the diversion of management time in connection with the proposed transaction; the challenging macroeconomic environment, including disruptions in the timberlands, real estate, land based solutions, and wood products manufacturing industries; the ability of PotlatchDeltic Corporation and Rayonier Inc. to refinance their existing financing arrangements on favorable terms; the cost and availability of third-party logging and trucking services; the geographic concentration of a significant portion of PotlatchDeltic Corporation’s and Rayonier Inc.’s timberland; changes in environmental laws and regulations regarding timber harvesting, wood products manufacturing, delineation of wetlands, endangered species, the development of solar, carbon capture and storage, and carbon credit projects, and development of real estate generally that may restrict or adversely impact PotlatchDeltic Corporation’s or Rayonier Inc.’s ability to conduct their respective businesses, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires; the lengthy, uncertain and costly process associated with the
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ownership, entitlement and development of real estate, including changes in law, policy and political factors beyond our control; the availability and cost of financing for real estate development and mortgage loans, changes in tariffs, taxes or treaties relating to the import and export of PotlatchDeltic Corporation’s and Rayonier Inc.’s products, including those of their respective customers; changes in key management and personnel; PotlatchDeltic Corporation’s and Rayonier Inc.’s ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust; changes in tax laws that could adversely affect beneficial tax treatment; and other risks and uncertainties identified in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of each of PotlatchDeltic Corporation’s and Rayonier Inc.’s most recent Annual Reports on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q, and other risks as identified from time to time in its Securities and Exchange Commission (“SEC”) reports by both companies.
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Each of Rayonier Inc. and PotlatchDeltic Corporation undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Important Additional Information about the Proposed Transaction and Where to Find It
In connection with the proposed merger, Rayonier Inc. will file a registration statement on Form S-4, which will include a document that serves as a prospectus of Rayonier Inc. and a joint proxy statement of Rayonier Inc. and PotlatchDeltic Corporation (the “joint proxy statement/prospectus”), and each party will file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A definitive joint proxy statement/prospectus will be sent to Rayonier Inc.’s and PotlatchDeltic Corporation’s shareowners. Investors and security holders will be able to obtain the registration statements and the joint proxy statement/prospectus free of charge from the SEC’s website or from Rayonier Inc. or PotlatchDeltic Corporation. The documents filed by PotlatchDeltic Corporation with the SEC may be obtained free of charge at PotlatchDeltic Corporation’s website at https://www.potlatchdeltic.com or at the SEC’s website at www.sec.gov. The documents filed by Rayonier Inc. with the SEC may be obtained free of charge at Rayonier Inc.’s website at www.rayonier.com or at the SEC’s website at www.sec.gov.
Participants in the Solicitation
PotlatchDeltic Corporation, Rayonier Inc. and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of PotlatchDeltic Corporation, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in PotlatchDeltic Corporation’s proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on March 27, 2025, including under the headings
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“Compensation Discussion and Analysis,” “Compensation of Directors,” “Equity Compensation Plan Information,” and “Security Ownership.” To the extent holdings of PotlatchDeltic Corporation’s Common Stock by the directors and executive officers of PotlatchDeltic Corporation have changed from the amounts of PotlatchDeltic Corporation’s Common Stock held by such persons as reflected therein, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 (“Form 3”), Statements of Changes in Beneficial Ownership on Form 4 (“Form 4”) or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 (“Form 5”), in each case filed with the SEC, including: the Forms 4 filed by Anne Alonzo on May 8, 2025, Linda Breard on May 8, 2025, Michael Covey on May 8, 2025, Ashlee Cribb on July 28, 2025, James DeCosmo on May 8, 2025, William Driscoll on April 1, 2025, May 2, 2025, May 8, 2025, June 10, 2025, July 1, 2025 and October 2, 2025, Mark Leland on May 8, 2025, Larry Peiros on May 8, 2025 and Lenore Sullivan on May 8, 2025. Information about the directors and executive officers of Rayonier Inc., including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Rayonier Inc.’s proxy statement for its 2025 Annual Meeting of Shareholders, which was filed with the SEC on April 2, 2025, including under the headings “Director Compensation” and “Compensation Discussion and Analysis.” To the extent holdings of Rayonier Inc.’s Common Shares by the directors and executive officers of Rayonier Inc. have changed from the amounts of Rayonier Inc.’s Common Shares held by such persons as reflected therein, such changes have been or will be reflected on Forms 3, Forms 4 or Forms 5, in each case filed with the SEC, including: the Forms 4 filed by Keith Bass on April 9, 2025, May 19, 2025, June 2, 2025 and September 2, 2025, Mark Bridwell on April 2, 2025, April 4, 2025 and April 15, 2025, Christopher Corr on April 2, 2025, April 4, 2025 and April 15, 2025, Gregg Gonsalves on May 19, 2025, Scott Jones on May 19, 2025, Larkin Martin on May 19, 2025, Douglas Long on April 2, 2025, April 4, 2025 and April 15, 2025, Mark McHugh on April 2, 2025, April 4, 2025 and April 15, 2025, Meridee Moore on May 19, 2025, Ann Nelson on May 19, 2025, Shelby Pyatt on April 2, 2025, April 4, 2025 and April 15, 2025, Matthew Rivers on May 19, 2025, Rhett Rogers on April 2, 2025, April 4, 2025 and April 15, 2025, April Tice on April 2, 2025, April 4, 2025 and April 15, 2025 and Andrew Wiltshire on May 19, 2025. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement and joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the registration statement and joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. Investors may obtain free copies of these documents from PotlatchDeltic Corporation and Rayonier Inc. as indicated above.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
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FAQ
What did Rayonier announce regarding PotlatchDeltic (PCH)?
What SEC filings will be prepared for the Rayonier–PotlatchDeltic merger?
What approvals are required for the Rayonier and PotlatchDeltic transaction?
Where can PCH investors find the joint proxy statement/prospectus?
Does this communication constitute an offer to sell securities?
What risks are highlighted in the communication?
