Brookfield to further reduce stake in Western Forest Products
The private equity division of Toronto-based Brookfield Asset Management has made a secondary offering of part of its investment in Western Forest Products Inc (TSX:WEF), a woodland operator and lumber producer. Under the terms of the offering, non-voting and common shares will be sold at a price of $1.98 per share. Following the deal's closing, Brookfield will hold 44% of issued and outstanding common shares in the business. The Vancouver-based WEF was formed in 2004 as a result of Brookfield's acquisition of the bankrupt Doman Industries Ltd. Brookfield received gross proceeds of $66.7 million upon completion of a 2013 sale of company shares.
14 January 2014•5 mins read
