US analyst Michael Webber has questioned the value of Teekay LNG Partners' (TGP) incentive distribution rights (IDR) deal with parent Teekay Corp.
Teekay built its holding in the MLP to 42% by swapping its IDRs for 10.8m new shares, in a transaction it said removed "uncertainty" for other investors.
The parent now owns 36m shares in the partnership and remains the sole owner of Teekay GP, the general partner of Teekay LNG.
