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MarketScreener Homepage  >  Equities  >  Nyse  >  Teekay Offshore Partners L.P.    TOO   MHY8565J1010

TEEKAY OFFSHORE PARTNERS L.P.

(TOO)
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Shareholder Alert: Robbins Arroyo LLP Announces Acquisition of Teekay Offshore Partners L.P. (TOO) by Brookfield Asset Management Inc. (BAM) May Not Be in Unitholders' Best Interests

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08/14/2019 | 02:41pm EDT

Robbins Arroyo LLP announces that shareholders of Teekay Offshore Partners L.P. ("Teekay") have filed a class action complaint against Teekay (NYSE: TOO) and Brookfield Asset Management Inc. (NYSE: BAM), among others, in regard to the agreement by Teekay Corporation (NYSE: TK) to sell its remaining interests in Teekay to Brookfield. Under the terms of the agreement, Brookfield will purchase Teekay Corporation's remaining interests in Teekay, including the 49% general partner interest, common units, warrants, and an outstanding $25 million loan, for total proceeds of $100 million in cash

If you own units of Teekay, click here.

Is the Proposed Acquisition Best for Teekay Offshore Partners L.P. and Its Unitholders?

According to the complaint, Teekay is a leading services provider in the offshore petroleum industry that saw its stock price decline 90% over three years due to declining oil prices, increased competition, and poor management. In response to Teekay's deteriorating financials, Brookfield made a white-knight offer that ultimately grew to an over $.15 billion investment and allowed Teekay to pay off debt, retire preferred units and save on dividend payments, and purchase assets that would promise to lead to growth. The result was to keep Teekay's debt level high and dividend payouts low.

In making a play for the remaining shares of Teekay, Brookfield revealed that it deliberately depressed Teekay's common unit trading price so it could buy the remaining units for less than Teekay's already depressed trading price and squeeze out non-affiliated common unitholders. Brookfield is likely to gain approval from Teekay's conflicted Conflicts Committee. Teekay has allowed Brookfield to intentionally depress Teekay's common unit price, and despite having been informed of the common unitholders' protests, has taken no action to protect the interests of the common unitholders.

Teekay Offshore Partners L.P. (TOO) Unitholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsarroyo.com
Shareholder Information Form

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.


© Business Wire 2019
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Financials (USD)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 -
Capi. / Sales2020 0,38x
Capitalization 476 M
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Technical analysis trends TEEKAY OFFSHORE PARTNERS L
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Mean consensus -
Number of Analysts
Average target price 1,60  $
Last Close Price 1,16  $
Spread / Highest target 37,9%
Spread / Average Target 37,9%
Spread / Lowest Target 37,9%
EPS Revisions
Managers
NameTitle
Ingvild Sæther President & Chief Executive Officer
William P. Utt Chairman
David Wong Chief Financial Officer
Kenneth Hvid Director
David L. Lemmon Independent Director
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