New York, Feb 5, 2026, 15:35 ET — Regular session
- PotlatchDeltic (PCH) shares have been suspended following the completion of its merger with Rayonier
- The final PCH quote stood at $41.73; the deal terms convert each share into 1.8185 Rayonier shares plus $0.61 in cash
- Rayonier shares slipped roughly 1% in afternoon trading, adjusting the implied value for former PCH shareholders
PotlatchDeltic’s shares are effectively delisted following its merger with timber REIT Rayonier, with the final PCH price recorded at $41.73, a modest 0.2% gain from the previous close. Rayonier’s stock slipped roughly 1.1% in afternoon trading, whereas fellow timber player Weyerhaeuser edged up around 0.4%.
This matters because investors holding “PCH” shares aren’t trading the company as an independent entity anymore. Instead, the value now corresponds to the stock-and-cash package they’re set to receive, which fluctuates alongside Rayonier’s share price.
This also shifts the trader’s approach. Instead of asking “where does PCH trade today?”, the question becomes about the mechanics: when do shares and cash land in brokerage accounts, and what happens to any leftover bits like fractional shares.
PotlatchDeltic announced in a filing that every share of its common stock was converted into the right to receive 1.8185 Rayonier common shares plus $0.61 in cash, with cash payments made in lieu of fractional Rayonier shares. The company also requested Nasdaq to suspend trading after the Jan. 30 after-hours session and initiate the delisting process. (SEC)
Nasdaq submitted a Form 25 on Feb. 2, the SEC filing that signals a security’s removal from the exchange, targeting PotlatchDeltic common stock. According to a Nasdaq corporate actions bulletin, PCH trading was set to be suspended effective Feb. 3. (CloudFront)
Thursday’s Rayonier price puts the merger terms at about $41.56 per former PotlatchDeltic share (1.8185 Rayonier shares plus $0.61 cash), tracking Rayonier’s drop.
Rayonier CEO Mark McHugh said, “We are excited to close this strategic merger of equals,” as the company confirmed the deal’s completion. The merged entity now controls over four million acres of timberland. It will continue using the Rayonier name and trade on the NYSE under the ticker “RYN” for the time being, with plans for a new name and ticker in the first quarter. (Business Wire)
Options holders face a trickier setup now. The Options Clearing Corporation announced that listed PCH options have been adjusted. The symbol will switch to a new deliverable linked to Rayonier shares plus cash. However, the cash portion’s settlement is on hold until the cash-in-lieu figure for fractional shares gets finalized. (Infomemo)
The final payout for former PCH holders isn’t set in stone. Since most of the payment comes in Rayonier stock, any sudden shift in RYN’s price can change the implied value. Plus, delays in handing out shares or cash might leave those positions feeling “stale” long after the merger closes.
Rayonier is set to drop its fourth-quarter earnings after the closing bell on Feb. 11. Investors will get their first official look at the merged operation during the conference call the next day, Feb. 12. (Business Wire)
