TORONTO - Brookfield Asset Management Inc. announced a plan to sell part of its stake in wood panel maker Norbord Inc. in a secondary offering worth about $150 million.
According to the Winnipeg Free Press, Brookfield said it will reduce its stake from 73% to about 53% after the sale of the shares. Norbord will not receive any cash from the offering. Under the deal, a syndicate led by TD Securities and RBC Capital markets have agreed to buy 9 million shares of Norbord for $16.70 per share.
A Brookfield subsidiary is selling 8.68 million shares, while 320,000 shares will be offered by management of the corporation including Norbord president and CEO Barrie Shineton and CFOr Robin Lampard. Brookfield, which had been the largest minority shareholder in Norbord, stepped up last year stepped up with $144 million to back stop and take control of the struggling company.
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