Pope Resources Announces Unitholder Approval of Merger with Rayonier
May 6, 2020
POULSBO, Wash. (News release) -- Pope Resources, A Delaware Limited Partnership announced that its unitholders approved its previously announced merger with Rayonier. At the special meeting, approximately 99% of votes cast were voted in favor of the proposal to approve the merger, which represented approximately 72% of the outstanding units as of the record date. The unitholders also considered and approved a non-binding advisory vote regarding certain compensation to be paid to Pope Resources' named executive officers in connection with the merger. This non-binding proposal was approved by 98% of the votes cast, which represented approximately 71% of the outstanding units as of the record date.
Formal voting results will be reported on a Form 8-K to be issued by Pope Resources once the results are tabulated and certified. Subject to the satisfaction or waiver of all remaining closing conditions, the merger is currently expected to close on or about May 8, 2020. Pope Resources currently expects that the units will be de-listed from trading on such date.
For more information about the proposals adopted at the special meeting, please see Pope Resource's definitive proxy statement filed with the Securities and Exchange Commission on April 6, 2020.
In connection with the merger, each Pope Resources unit, based on its holder's elections and subject to proration as described in the definitive proxy statement, will be converted into the right to receive either $125.00 in cash, 3.929 Rayonier shares or 3.929 units representing limited partnership interests in Rayonier, L.P., which entity will act as Rayonier's operating company subsidiary.
