Teekay Offshore Partners (TOO) approached by Brookfield Business Partners (BBU)

  • May 20, 2019

POTENTIAL DEAL DETAILS

StockTeekay Offshore Partners L.P.SymbolTOO
Date Announced05/20/2019Source Press Release
TypeUnsolicited BidAcquiring Company/Person Brookfield Business Partners L.P.
Date of Confirmation: 10/01/2019Price at Confirmation: $1.53
Potential Profit: 44.34%Annualized Profit: 120.78%

Teekay Offshore Partners L.P. (TOO) announced today that it has received an unsolicited non-binding proposal from Brookfield Business Partners L.P. (BBU) 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 $1.05 in cash per common unit.

Update(s):

May 24, 2019: JDP Capital Management finds significant support from other unit holders of Teekay Offshore (TOO) to oppose Brookfield Business Partner’s (BBU) take-under offer.

October 01, 2019: Teekay Offshore Partners L.P. (TOO) today announced that it has entered into an agreement and plan of merger with Brookfield Business Partners L.P., and certain of its affiliates and institutional partners.

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