M&A · Financials · Real Estate Investment Trusts
Rayonier Inc to acquire Potlatchdeltic Corp
Announced Oct 14, 2025 · Closed Feb 2, 2026
Deal value$3.41BEV $4.35B
Premium8.3%To unaffected price
EV / Adj. EBITDA24.4x4.1x EV / Revenue
ConsiderationAll stock$44.11 per share
Transaction
- Acquirer
- Rayonier Inc (RYN)
- Target
- Potlatchdeltic Corp (PCH)
- Buyer type
- Strategic
- Offer price per share
- $44.11
- Enterprise value
- $4.35B
- Status
- Closed Feb 2, 2026
Deal protections
- Break fee (target pays)
- $138M · 4.0%
- Reverse fee (buyer pays)
- $159M · 4.7%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- BofA Securities
- Morgan Stanley fee
- $20.0M
- BofA Securities fee
- $36.0M
Sector context · Financials
- Comparable deals
- 55 in the prior 24 months
- Premium
- 8.3% vs. 33.5% sector median
- EV / Adj. EBITDA
- 24.4x vs. 12.5x sector median
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedOct 14, 2025
- Proxy filedDec 23, 2025
- Definitive proxyDec 23, 2025
- Shareholder voteJan 27, 2026
- ClosedFeb 2, 2026
Valuation · fairness opinions
Trading comparablesMorgan Stanley$29.25$38.45
Trading comparablesMorgan Stanley$26.75$38.45
Trading comparablesMorgan Stanley$23.05$27.30
Trading comparablesMorgan Stanley$20.85$25.20
Discounted cash flowMorgan Stanley$81.65$95.25
Trading comparablesBofA Securities$39.25$46.50
Discounted cash flowBofA Securities$40.50$61.75
Trading comparablesBofA Securities$25.25$28.00
Discounted cash flowBofA Securities$24.25$37.00
Discounted cash flowBofA Securities$43.55$65.45
Offer $44.11
Implied value per Potlatchdeltic Corp share by analysis, from Morgan Stanley and BofA Securities.