Teekay Offshore Partners has received an unsolicited non-binding proposal from Brookfield Business Partners L.P. and certain of its affiliates and institutional partners (collectively, the Brookfield Consortium) for the attention of the Conflicts Committee of the Board of Directors of Teekay Offshore GP.
Teekay Offshore Partners receives offer from Brookfield. Photo: Courtesy of C Morrison/Pixabay
Pursuant to the offer, Brookfield Consortium intends to acquire all of the issued and outstanding publicly held common units representing limited partnership interests of the Partnership that the Brookfield Consortium does not already own in exchange for $1.05 in cash per common unit.
Teekay Offshore’s Conflicts Committee or a separate Special Committee appointed for these purposes, in each case consisting only of non-Brookfield affiliated Teekay Offshore Directors, will retain advisors and evaluate the proposed offer on behalf of the owners of the non-Brookfield owned limited partnership interests.
The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts or Special Committee and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.
Source: Company Press Release