The S&P/NZX 50 Index closed at 12,266.25, gaining 57.2 points or 0.47%.
Goldman Sach analysts have a 12-month target price of A$2.85 ($3.14).
An investment firm bought the stake, which included 116,145 hectares of forestry.
Minority shareholders are falling in behind billionaire Jim Grenon's board coup.
The S&P/NZX 50 Index closed at 12,209.05, down 40.5 points or 0.33%.
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