As promised, Teekay Offshore has hired two outside advisors to evaluate Brookfield Business Partner's discounted take-private offer.
The New York-traded, Vancouver-based company announced after the close Monday that Evercore Group had been retained to evaluate the financials and Potter Anderson & Corroon as legal counsel.
"These appointed advisors will support the Conflicts Committee in its evaluation of the previously received unsolicited non-binding proposal from Brookfield Business Partners," the company said.
Last week, Brookfield, a Toronto-based private equity firm, offered $1.05 per share in a push to get to 80% ownership. That threshold would trigger a call right for the remaining shares. Bookfield currently owns 77.1% of all shares, including a warrant to buy 67.9 million shares.
But a group of shareholders lead by JDP Capital argued the company is worth at least $4 per share. They urged Teekay to hire a third party to determine its fair value and for Brookfield to disclose what it thinks the company is worth.
JDP Capital did not immediately return a request for comment.
Thursday, Teekay Offshore shares closed down a cent to $1.14. It's year-over-year low is $1.06, during which it had traded as high as $2.78.
