Brookfield Business Partners has added Gregory Morrison to the board of its takeover target Teekay Offshore.
The Vancouver-based offshore player announced that Morrison, the former chief executive of Canadian insurer Trisura Group, would replace Walter Weathers after the close of trading Monday in New York.
Toronto-based Brookfield has an offer on the table to buy out the remaining shares of Teekay Offshore for $1.05 each in a move that would take the company private.
“On behalf of our board and leadership team, I want to welcome Greg to the board. We look forward to leveraging his expertise and experience as we continue to develop the partnership strategies,” said Bill Utt, the chairman of Teekay Offshore.
As it stands, Brookfield owns 77.1% of Teekay Offshore's 478.3 million outstanding shares — 300.9 million outright, plus 67.9 million via warrants.
In late May, it offered $1.05 per share in an effort to buy 2.9% needed to trigger a call right for the remaining shares.
Four days later, a group of shareholders led by New York-based JDP Capital and together owning at least 5% of the company, said in a letter that Teekay Offshore was worth at least $4 a share.
The next week, Teekay Offshore brought on the Evercore Group and Potter Anderson & Corroon to review the deal.
Teekay Offshore shares have not traded under $1.06 for more than a year.
Monday, shares closed up a cent to $1.38. Its year-to-date high is $1.58 on 5 April.
