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CatchMark Timber Trust explores buying Phaunos Timber Fund

Sept 6 (Reuters) - CatchMark Timber Trust Inc, a real estate company investing in timberlands, said it was evaluating to buy closed-ended investment company Phaunos Timber Fund Ltd at $0.57 per share.

A combined company will have an equity value of $850 million and an enterprise value of $1.3 billion at current stock prices, CatchMark said on Thursday.

If the all-stock deal goes through, the combined entity will be run by CatchMark, the Atlanta-based company said. (Reporting by Kanishka Singh in Bengaluru; Editing by Gopakumar Warrier)