Shares in Vancouver-based Acadian Timber Corp. continue to drop after Brookfield Asset Management Inc. sold its 45-per-cent stake in the timberland operator to privately held Macer Forest Holdings Inc.
Brookfield announced after markets closed Tuesday it had sold the stake for $128-million or $17 a share.
Since then, the shares have dropped by about 3 per cent, from $17 on Tuesday to as low as $16.41 at the end of trading on Thursday.
Acadian announced that because of the sale, Benjamin Vaughan of Brookfield would step down as chairman and be replaced by Malcolm Cockwell, a Macer principal and managing director at Haliburton Forest who has been on the board since May, 2018.
RBC Capital Markets analyst Paul Quinn says in a report that the shakeup removes a known entity in Brookfield, but might be welcomed by investors hoping for “sleepy” Acadian to more actively expand beyond its core operations in New Brunswick and Maine.
In a statement, Mr. Cockwell says Macer was attracted to Acadian by its proven success and will support its current strategy and operations plan.