The Conflicts Committee of Teekay Offshore Partners Appoints Advisors to Consider Recent Brookfield Offer
May 30 2019 - 4:08PM
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO) announced today that the Conflicts Committee (the
Conflicts Committee) of the Board of Directors of Teekay Offshore
GP LLC has formally appointed Potter Anderson & Corroon LLP and
Evercore Group L.L.C. as their independent legal counsel and
financial advisor respectively.
These appointed advisors will support the
Conflicts Committee in its evaluation of the previously received
unsolicited non-binding proposal from Brookfield Business Partners
L.P. and certain of its affiliates and institutional partners
(collectively, the Brookfield Consortium), 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 (the “Proposed
Transaction”).
Teekay Offshore’s Conflicts Committee mandated
to consider the Proposed Transaction, consists entirely of
non-Brookfield affiliated Teekay Offshore directors.
The Proposed Transaction remains subject to a
number of contingencies, including the approval of the Conflicts
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.
About Teekay OffshoreTeekay Offshore Partners
L.P. is a leading international midstream services provider to the
offshore oil production industry, primarily focused on the
ownership and operation of critical infrastructure assets in
offshore oil regions of the North Sea, Brazil and the East Coast of
Canada. Teekay Offshore has consolidated assets of approximately
$5.2 billion, comprised of 57 offshore assets, including floating
production, storage and offloading (FPSO) units, shuttle tankers
(including six newbuildings), floating storage and offtake (FSO)
units, long-distance towing and offshore installation vessels, and
a unit for maintenance and safety (UMS). The majority of Teekay
Offshore’s fleet is employed on medium-term, stable contracts.
Teekay Offshore's common units and preferred
units trade on the New York Stock Exchange under the symbols "TOO",
"TOO PR A", "TOO PR B" and “TOO PR E”, respectively.
For Investor Relationsenquiries
contact:
Jan Rune SteinslandTel: +47 9705 2533Website:
www.teekayoffshore.com
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