Shares in Acadian Timber Corp. (ADN:CT) continued to drop in value two days after Brookfield Asset Management Inc. (BAM/A:CT) said it sold its 45 per cent stake in the timberland operator to privately held Macer Forest Holdings Inc. of Toronto.

Brookfield announced after markets closed Tuesday it had sold the stake for $128 million or $17 per share.

Since then, the shares have dropped by more than three per cent from Tuesday's close of $17 to $16.41 by the end of trading Thursday.

Vancouver-based 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 the shakeup removes a known business entity in Brookfield but might be welcomed by investors hoping for “sleepy” Acadian to more actively expand beyond its core timberland operations in New Brunswick and Maine.

In a statement, Cockwell says Macer was attracted to Acadian by its proven success and will support its current strategy and operations plan.