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CatchMark Timber Trust, Inc. (NYSE:CTT) ("CatchMark" or the "Company") announced that, at the special meeting of stockholders (the "Special Meeting") held today, its stockholders approved the merger of CatchMark with and into a wholly owned subsidiary of PotlatchDeltic Corporation (NASDAQ:PCH) ("PotlatchDeltic"), pursuant to the terms of the Agreement and Plan of Merger, dated as of May 29, 2022 (the "Merger Agreement"). CatchMark will provide final vote results for the Special Meeting, as certified by the independent Inspector of Election, on a Form 8-K to be filed with the U.S. Securities and Exchange Commission.
The transaction is expected to close on or about September 14, 2022, subject to the satisfaction or waiver of customary closing conditions. Under the terms of the Merger Agreement, among other things, each share of CatchMark Class A common stock, par value $0.01 per share ("CatchMark common stock") issued and outstanding immediately prior to the effective time of the Company merger will be automatically converted into the right to receive, in accordance with the terms of the Merger Agreement, 0.230 validly issued, fully paid and non-assessable shares of PotlatchDeltic, without interest, plus the right to receive cash in lieu of fractional shares. Upon the closing of the transaction, CatchMark common stock will no longer be listed on any public market.
King & Spalding LLP and Venable LLP served as CatchMark's legal counsel and Stifel, Nicolaus & Company, Incorporated acted as CatchMark's financial advisors. Perkins Coie LLP and Skadden, Arps, Slate, Meagher & Flom LLP served as PotlatchDeltic's legal counsel. Bank of America served as financial advisor to PotlatchDeltic.
