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Rubber and Wood January 16, 2020 08:30:18 AM

Rayonier to Acquire Pope Resources

Paul Ploumis
ScrapMonster Author
Further to closing of the transaction, all of the assets of Rayonier and Pope Resources will be owned by the new entity Rayonier Operating Partnership LP.

Rayonier to Acquire Pope Resources

SEATTLE (Scrap Monster):  Rayonier Inc. announced that it has entered into a definitive agreement with Pope Resources, by which the former will acquire all of the outstanding limited partnership units of the latter for consideration comprising of equity and cash. The transaction is expected to close by mid-2020, subject to customary closing conditions and regulatory approvals and approval of a majority of the Pope Resources unitholders.

According to the terms of the deal, Pope Resources unitholders will have the right to elect 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. The transaction values Pope Resources’ limited partnership equity at $554 million.

ALSO READ: Rayonier Reported Net Loss of $14 Million in Q3 2019

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

David Nunes, President and CEO of Rayonier noted that the acquisition of the best-in-class Pacific Northwest timberland operator with assets in high-quality markets will increase Rayonier’s timberland ownership in the region to 504,000 acres, thereby adding 57 MMBF to its sustainable yield. Furthermore, it will help to increase its proportion of Douglas-fir inventory.

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