Teekay Offshore announced that 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, 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.
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.