Teekay Offshore Partners Receives Offer From Brookfield
20 May 2019 - 8:59PM
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO) announced today that it 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 (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 $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.
About Teekay Offshore
Teekay 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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