Teekay Offshore Partners has hired an independent legal counsel and a financial advisor to evaluate the recent Brookfield Business Partners’ offer.
Namely, the company’s Conflicts Committee formally appointed Potter Anderson & Corroon and Evercore Group to support the evaluation process.
Under the unsolicited non-binding proposal, asset management company Brookfield aims to acquire all of the issued and outstanding publicly held common units in Teekay Offshore Partners that the company does not already own.
The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts Committee and the satisfaction of any conditions set forth in any definitive agreement concerning the transaction.
As earlier informed, Teekay would sell its 49% general partner interest, common units, warrants, and an outstanding USD 25 million loan toward Teekay Offshore to Brookfield for total proceeds of USD 100 million in cash.