NEW YORK (News release) -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the District of Delaware, case No. :17-cv-01812, on behalf of shareholders of Deltic Timber Corp. who have been harmed by Deltic's and its board of directors' alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the proposed merger of the Company with a subsidiary of Potlatch Corporation.
On October 22, 2017, Deltic and Potlach entered into an Agreement and Plan of Merger ("Proposed Transaction") under which each outstanding share of Deltic common stock will be exchanged for 1.80 shares of Potlatch common stock (the "Merger Consideration"), representing approximately $1.16 billion in equity value.
The complaint alleges that the Form S-4 Registration Statement (the "S-4") filed with the Securities and Exchange Commission ("SEC") on December 7, 2017, violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company's financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to Deltic shareholders.
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