No you will not get more WY shares..Assuming enough shareholders exchange their shares for WRECO/TPH shares. you will continue to own the same number of WY shares but the number of outstanding WY shares will drop, so you will in effect own a higher percentage of the new, smaller WY. At least, that's the way I understand it.
Either you get a higher dividend, or the SP goes up.
Assuming no change in WY's gross earnings after the offering is completed, with fewer WY shares outstanding, earnings per share have to go up.
So, if 10% of the shares are tendered, there's a 10% reduction in the outstanding shares of WY, and, assuming the same payout ratio, the dividend goes up 10%.
If the SP goes up by the same percent as the dividend goes up, the P/E remains the same.
The net result is that, based on their normal payout ratio, assuming they continue to strive for that ratio, the dividend would go up to retain the same dividend yield.
If it does not go up, the price of the stock will represent a higher share of retained earnings, which means it will be a driving force to see the price adjust to the new Retained earnings number.
If you bought WY for its Timber, why settle for a home builder, where the business is subject to interest rate increases, economic stagnation, competition with a large number of other builders, another wave of homeowner bankruptcies and abandoned homes, etc.
With WY in your portfolio, whether or not they sell more or less timber, every year the un-harvested timber grows in value, which also provides a boost to SP, which is cap Gain, instead of a dividend increase.
Cap gains are subject to a lower interest rate than dividend income, so you can come out ahead even in this scenario, with no dividend increase.
If anything, this could be a great time to tack on a few more shares of WY, before the end of June.