SULLIVAN LENORE M 4
4 · POTLATCHDELTIC CORP · Filed Feb 2, 2026
Research Summary
AI-generated summary of this filing
POTLATCHDELTIC Director Lenore Sullivan Disposes 32,676 Shares in Merger
What Happened
Lenore M. Sullivan, a director of PotlatchDeltic Corp (PCH), recorded a disposition of 32,676.126 PCH shares on 2026-01-30 as part of the company’s merger into Rayonier. Per the merger terms each PCH share converted into 1.8185 Rayonier common shares plus $0.61 cash, so the exchanged PCH shares equate to roughly 59,421 Rayonier shares and about $19,938 in cash. The Form 4 lists the disposition type as “D” (Disposition to the issuer); no per-share sale price is shown (N/A).
Key Details
- Transaction date: 2026-01-30 (Disposition to issuer, code D)
- Filing date: 2026-02-02 (timely filed)
- Shares disposed: 32,676.126 PCH shares
- Conversion: 1.8185 Rayonier shares + $0.61 cash per PCH share → ~59,421 Rayonier shares and ~$19,938 cash (before any fractional-share adjustments)
- Price reported on Form 4: N/A (corporate merger consideration, not an open-market sale)
- Shares owned after transaction: not specified in the provided excerpt
- Relevant footnotes:
- F1: Merger Agreement—each PCH share automatically converted into 1.8185 Rayonier shares and $0.61 cash at the Effective Time.
- F2: Outstanding restricted stock units (if any) converted into Rayonier RSU awards per the agreement (subject to original plan terms and any vesting rules).
Context
This was not an open-market sale but a corporate-action disposition tied to the PotlatchDeltic–Rayonier merger. Such filings reflect the exchange of equity under merger terms rather than a director selling stock for liquidity or sentiment; restricted stock units were also converted into Rayonier RSUs per the agreement. For investors, merger-driven dispositions generally convey less actionable insight about insider sentiment than voluntary purchases or market sales.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1][F2]2026-01-30−32,676.126→ 0 total
Footnotes (2)
- [F1]In connection with the terms of an Agreement and Plan of Merger, dated October 13, 2025 (as it may be amended from time to time, the "Merger Agreement"), by and among the Issuer, Rayonier Inc. ("Rayonier"), and Redwood Merger Sub, LLC, a direct, wholly owned subsidiary of Rayonier ("Merger Sub"), the Issuer merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of Rayonier (the "Effective Time"). At the Effective Time, each outstanding share of Common Stock was automatically converted into the right to receive (i) 1.8185 Rayonier common shares and (ii) $0.61 in cash, without interest, plus any fractional share consideration.
- [F2]At the Effective Time, each outstanding restricted stock unit converted into a Rayonier restricted stock unit award (each, a "Rayonier RSU award"), taking into account any dividend equivalents, based on the equity award exchange ratio, as defined in the Merger Agreement, rounded to the nearest whole number of shares. Each such Rayonier RSU award will be subject to the terms of any applicable Issuer equity plan and Issuer restricted stock unit agreement in effect immediately prior to the Effective Time (including any double-trigger vesting acceleration entitlements).