Rayonier Inc. Concludes Acquisition of Pope Resources

SEATTLE (Scrap Monster):  Rayonier Inc. announced that the previously announced acquisition of Pope Resources has been completed. The special meeting of Pope Resources unitholders held last week gave final approval for the transaction. The two parties had entered into a definitive agreement in mid-January this year.

Commenting on the acquisition, David Nunes, President and CEO of Rayonier noted that the transaction represents a significant milestone in the company’s long-term strategy of acquiring high-quality timberlands in strong log markets. The acquisition will lead to significant expansion and enhancement of its Pacific Northwest timberland and real estate portfolio, he added. Furthermore, he welcomed Pope employees to become part of the company.

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Under the terms of the agreement, each holder of a limited partnership unit of Pope Resources had the right to receive 3.929 common shares of Rayonier, 3.929 units of Rayonier Operating Partnership LP, or $125 in cash in exchange for each unit of Pope Resources. According to market sources, holders of approximately 10.2% of Pope limited partnership units opted for common shares, 10.7% selected the operating partnership option, whereas the remaining 79.1% opted the cash option.

Further to the completion of the transaction, all of the assets of Rayonier and Pope Resources will now be owned by a new entity Rayonier Operating Partnership LP.