Brookfield sells off remaining interest in Western Forest Products
The private equity group at Brookfield Asset Management has agreed to sell its remaining interest in Western Forest Products Inc (TSX: WEF), a Vancouver-based timberlands manager and wood producer. Adding to a previously announced secondary offering, Brookfield will sell at least 80 million shares at a price of $2.50 per share, giving it minimum gross proceeds of $200 million. Concurrent with the offering, a syndicate of underwriters bought the outstanding portion of Brookfield's 29 percent stake in the company for resale. Western Forest Products was founded in 2004 as a result of Brookfield's acquisition of the bankrupt Doman Industries Ltd.
21 August 2014•4 mins read
