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Latest Headlines
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Mar 10, 2010 2:53:00 PM MST
Brookfield Asset Management to reduce stake in wood panel maker Norbord (Norbord-Brookfield)
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TORONTO _ Brookfield Asset Management Inc. (TSX:BAM.A) announced a plan Wednesday to sell part of its stake in wood panel maker Norbord Inc. (TSX:NBD) in a secondary offering worth about $150 million.
Brookfield said it will reduce its stake from 73 per cent to about 53 per cent 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 nine million shares of Norboard for $16.70 per share.
Norbord shares, which were halted pending the announcement, were down 18 cents at $17.66 on the Toronto Stock Exchange on Wednesday.
A Brookfield subsidiary is selling 8.68 million shares, while 320,000 shares will be offered by management of the corporation including Norboard president and chief utive Barrie Shineton and chief financial officer Robin Lampard.
The underwriters have also been granted an over-allotment option for up to an additional 900,000 shares held by the Brookfield subsidiary.
Norbord is one of the world´s largest producers of oriented strand board and also makes particleboard, medium density fibreboard, plywood and other products.
Brookfield has invested $231 million in Norbord including $87 million through its initial subscription under a rights offering and $144 million under a backstop agreement.
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