Toronto-based Brookfield Asset Management plans to sell part of its stake in Norbord in a secondary share offering worth about C$150m.
Norbord said in a March 10 statement that Brookfield and its affiliates would reduce their 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 will buy nine million common shares in Norbord for gross proceeds of C$150.3m.
