More shareholders are speaking out against the Brookfield Business Partners' Teekay Offshore takeover attempt.

In a letter to shareholders Monday, North Carolina's Massif Capital argued the Toronto private equity firm was "attempting to abscond with the company in a way they would not do if it were a large-cap company".

"They are not doing anything illegal, but we are disappointed in how minority shareholders have been treated in this process," the letter read.

"We wrongly viewed Brookfield's involvement in the company, at the time of investment, as a positive."

Massif said they will take a 28.9% loss once bought out by Brookfield, who filed documents with the Securities and Exchange Commission in October offering shareholders $1.55 per share or new shares with limited voting rights and transferability for their existing shares.

Brookfield first took a 60% position in the company in 2017. It bought out Teekay Corp in April for $100m and raised its stake to roughly 75%.

Brookfield initially offered $1.05 per share — a cent under its 52-week low — but raised the offer in October. Tuesday, Teekay Offshore shares remained unchanged at $1.54.

The deal is also the subject of two lawsuits, one from JDP Capital Management and the other from investor Steven Monosson who accuse the company and its board of violating their fiduciary duty to shareholders.

The plaintiffs are seeking to have their suits combined.

Massif Capital is a party to neither lawsuit.