SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: March 31, 1999
POTLATCH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5313 82-0156045
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification Number)
incorporation)
601 W. Riverside Avenue, Suite 1100, Spokane, WA 99201
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code:
509-835-1500
Item 5. Other Events
Potlatch Corporation and Anderson-Tully Company (ATCO) today
announced the mutual termination of their February 1998 agreement to
combine Potlatch's Arkansas timberlands and ATCO's timberlands into
Timberland Growth Corporation (TGC). TGC was to be a publicly traded
real estate investment trust (REIT) focused on the ownership of
timberlands. The agreement was subject to a number of conditions
including completion of a successful initial public offering of TGC
common stock. Due to a significant deterioration of REIT markets in
mid-1998, the initial public offering was suspended. Recent
discussions between ATCO and Potlatch to achieve a mutually beneficial
alternative transaction were unsuccessful. Related agreements to sell
to Potlatch certain logging, lumber and veneer operations were also
terminated. Potlatch expects to take a first quarter 1999 after tax
charge to earnings of approximately $4.6 million for accumulated
transaction expenses.
Potlatch and ATCO also announced their intention to explore the
opportunities and benefits of supplying hardwood pulpwood and logs
from ATCO's timberlands to Potlatch's pulp and paperboard mill at
Cypress Bend, Arkansas, and its hardwood sawmill at Warren, Arkansas.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
POTLATCH CORPORATION
(Registrant)
Date: March 31, 1999 By: /s/BETTY R. FLESHMAN
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Betty R. Fleshman
Secretary
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