Teekay Offshore Partners receives offer from Brookfield

Source: press release, 20 May 2019

photo: Teekay Group
photo: Teekay Group

Teekay Offshore Partners L.P. has announced that it has received an unsolicited non-binding proposal from Brookfield Business Partners L.P. and certain of its affiliates and institutional partners for the attention of the Conflicts Committee of the Board of Directors of Teekay Offshore GP LLC, pursuant to which the Brookfield Consortium would 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 USD 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 several 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 materialise on the terms described above or at all.