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Teekay Offshore accepts improved Brookfield buyout offer

|About: Teekay Offshore Partners L.P. (TOO)|By:, SA News Editor

Teekay Offshore (NYSE:TOO) +32.7% pre-market after agreeing to be acquired by Brookfield Business Partners (NYSE:BBU) for $1.55/unit in cash.

BBU offered only $1.05/share in its original offer for TOO announced on May 20; the deal also represents a 33.6% premium to yesterday's $1.16 closing price.

On the recommendation of the Conflicts Committee, TOO's board unanimously approved the merger deal.

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