Brookfield Business Partners' offer to take Teekay Offshore private severely undervalues the company, shareholders argued in a letter Friday.
New York-based JDP Capital Management and 16 other shareholders said the offshore player is worth a minimum of $4 per share, much higher than Brookfield's $1.05 per share offer made Monday.
They want the special committee of Teekay Offshore directors to hire an independent third party to determine its fair value and for Brookfield to disclose what it thinks the company is worth.
