M&A · Financials · Real Estate Investment Trusts
Potlatchdeltic Corp to acquire CatchMark Timber Trust, Inc.
Announced May 31, 2022 · Closed Sep 15, 2022
Deal value$919MEV $905M
Premium55.0%To unaffected price
EV / Adj. EBITDA—8.9x EV / Revenue
ConsiderationAll stock$12.88 per share
Transaction
- Acquirer
- Potlatchdeltic Corp (PCH)
- Target
- CatchMark Timber Trust, Inc. (CTT)
- Buyer type
- Strategic
- Offer price per share
- $12.88
- Enterprise value
- $905M
- Status
- Closed Sep 15, 2022
Deal protections
- Break fee (target pays)
- $19.4M · 2.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- BofA Securities
- To the target
- Stifel
- Stifel fee
- $1.3M
Sector context · Financials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 55.0% vs. 32.0% sector median
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 2.1% vs. 3.6% sector median
Timeline
- AnnouncedMay 31, 2022
- Proxy filedAug 10, 2022
- Definitive proxyAug 10, 2022
- Shareholder voteSep 13, 2022
- ClosedSep 15, 2022
Valuation · fairness opinions
Discounted cash flow$7.70$11.36
Discounted cash flow$6.43$9.57
Discounted cash flow$5.62$8.43
Trading comparables$8.52$12.53
Trading comparables$8.42$12.39
Offer $12.88
Implied value per CatchMark Timber Trust, Inc. share by analysis, from Stifel · DCF discount rate 5%–6.5%.