Deltic Provides Update on Strategic Alternatives Process
28 Agosto 2017 - 1:30PM
Business Wire
Deltic Timber Corporation (“Deltic” or the “Company”)
(NYSE-DEL), a natural resources company, today provided an update
on its previously announced strategic alternatives process. As
Deltic noted in its press release on August 2, 2017, after making
significant progress evaluating Deltic’s assets, competitive
position, and market risks and opportunities, the Company is now
assessing a comprehensive range of strategic alternatives.
Over the past several months, Deltic has been approached by a
number of industry participants regarding interest in a potential
strategic transaction. The Company has been actively engaged in
evaluating those confidential indications of interest and intends
to continue the process to develop potential external strategic
alternatives. Deltic also remains committed to finalizing internal
strategic initiatives which are focused on optimizing existing
assets, concentrating on core competencies and evaluating tax
efficient alternatives.
The Deltic Board of Directors is committed to exploring all
options, both internal and external, to maximize shareholder value,
and is confident that the processes the Company is undertaking will
identify the best strategic path to maximize the value of Deltic
and achieve the best result for all shareholders.
The Company has not set a timetable for completion of its
strategic alternatives process and there can be no assurance of any
given specific outcome. Given the confidential nature of the
discussions the Company is undertaking, providing more detailed
information at this time would be disruptive to developing the full
range of potential outcomes. When the Company is prepared to
provide an update to the process, it intends to inform all
shareholders at the same time.
As previously noted by the Company, Deltic has met with
Southeastern Asset Management on a number of occasions to discuss
their ideas, consistent with the limitations of the securities
laws. The Company maintains an open dialogue with all shareholders
and values their input.
Davis Polk & Wardwell LLP is serving as Deltic’s legal
advisor, and Goldman Sachs & Co. LLC is serving as financial
advisor.
Forward-Looking
Statements
Statements included herein that are not historical in nature are
intended to be, and are hereby identified as, “forward-looking
statements” within the meaning of the federal securities laws. Such
statements reflect the Company’s current expectations and involve
certain risks and uncertainties. Actual results could differ
materially from those included in such forward-looking statements.
Factors that could cause such differences include, but are not
limited to, the cyclical nature of the industry, changes in
interest rates, credit availability, general economic conditions,
adverse weather, cost and availability of materials used to
manufacture the Company’s products, natural gas pricing and volumes
produced, and the other risk factors described from time to time in
the reports and disclosure documents filed by the Company with the
Securities and Exchange Commission.
About Deltic
Deltic Timber Corporation is a natural resources company focused
on the efficient and environmentally responsible management of its
land holdings. The Company owns approximately 530,000 acres of
timberland, operates two sawmills and a medium density fiberboard
plant, and is engaged in real estate development. Headquartered in
El Dorado, Arkansas, the Company’s operations are located primarily
in Arkansas and north Louisiana.
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version on businesswire.com: http://www.businesswire.com/news/home/20170828005429/en/
Deltic Timber CorporationAnna Torma,
870-881-6463ir@deltic.com
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