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TOO

Teekay Offshore Partners

$1.55

(0.00%)

, BBU

Brookfield Business Partners

$40.75

0.23 (0.57%)

13:14
01/10/20
01/10
13:14
01/10/20
13:14

Teekay Offshore Partners sees merger closing on January 22

Teekay Offshore Partners (TOO) announced that it has notified the New York Stock Exchange of the anticipated closing date of the previously-announced transactions, dated September 30, 2019, by and among the Partnership, Teekay Offshore GP and certain affiliates and institutional partners of Brookfield Business Partners (BBU). The Partnership anticipates that the merger will close on January 22, 2020 after the closing of markets. In connection with the merger, holders of common units representing limited partner interests in the Partnership not already held by the Brookfield Consortium have until 12:00 a.m. New York Time on January 14, 2020 to elect to receive one newly designated unlisted Class A Common Unit of the Partnership per common unit as an alternative to receiving $1.55 in cash per common unit. Upon the closing of the merger on the terms and conditions set forth in the merger agreement, the Partnership will be a wholly owned subsidiary of Partnership GP and certain affiliates of the Brookfield Consortium. Following completion of the merger, the common units of the Partnership will cease to be listed on the NYSE.

TOO

Teekay Offshore Partners

$1.55

(0.00%)

BBU

Brookfield Business Partners

$40.75

0.23 (0.57%)

  • 06

    Feb

TOO Teekay Offshore Partners
$1.55

(0.00%)

01/22/19
MSCO
01/22/19
DOWNGRADE
MSCO
Underweight
Teekay Offshore Partners downgraded to Underweight from Equal Weight at Morgan Stanley
01/22/19
01/22/19
DOWNGRADE
Target $1

Underweight
Teekay Offshore Partners downgraded to Underweight at Morgan Stanley
As previously reported, Morgan Stanley analyst Fotis Giannakoulis downgraded Teekay Offshore Partners (TOO) to Underweight from Equal Weight, citing his lower oil price forecast and its impact on the Floating Production Storage and Offloading business. He sees lower oil prices putting pressure on its oil linked FPSO contracts and making redeployment of its assets more difficult, Giannakoulis tells investors. He cut his price target on Teekay Offshore Partners shares to $1 from $2.75 and also lowered his price target on Teekay Corporation (TK) to $3 from $6.50.
BBU Brookfield Business Partners
$40.75

0.23 (0.57%)

01/15/19
RBCM
01/15/19
DOWNGRADE
Target $42
RBCM
Sector Perform
Brookfield Business Partners cut to Sector Perform at RBC Capital on valuation
As reported earlier, RBC Capital analyst Jeoffrey Kwan downgraded Brookfield Business Partners to Sector Perform from Outperform and lowered his price target to $42 from $46. The analyst says that while the stock is an "attractive" investment over the longer term horizon, its 2018 outperformance relative to his coverage universe implies a total return that is now more in line with the average. Kwan also warns that the heightened market volatility could reduce Brookfield Business Partners' earnings visibility and thus the estimated values for its investments, recommending increased disclosures regarding their financial performance.
01/15/19
01/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PG&E (PCG) downgraded to Sell from Buy at Argus with analyst Jacob Kilstein citing the company's announcement that it will declare bankruptcy based on the potential for $30B in liability costs related to its role in California wildfire, the lack of financing, and the absence of the state government intervention. 2. SL Green Realty (SLG) downgraded to Neutral from Buy at Goldman Sachs with analyst Andrew Rosivach saying he believes the market will value at a lower multiple than real estate ownership. 3. Atlassian (TEAM) and Yext (YEXT) were downgraded to Underweight from Equal Weight at Morgan Stanley while Oracle (ORCL), VMware (VMW), and Autodesk (ADSK) were downgraded to Equal Weight from Overweight. 4. Brookfield Business Partners (BBU) downgraded to Sector Perform at RBC Capital. 5. Edison International (EIX) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing the challenging operating environment in California following the PG&E (PCG) Chapter 11 filing. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/13/19
FBCO
05/13/19
INITIATION
Target $42
FBCO
Neutral
Johnson Controls reinstated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh reinstated Johnson Controls (JCI) with a Neutral rating and a $42 price target, following the Power Solutions sale to Brookfield (BBU). The analyst cited tailwinds from energy efficiency/sustainability, improved free cash flow metrics, and margin expansion driven by incremental synergy/productivity gains in 2019/2020. However, he does not see meaningful upside to consensus estimates or relative valuation to implied IR ClimateCo, at this time.
07/03/19
FBCO
07/03/19
INITIATION
Target $48
FBCO
Outperform
Brookfield Business Partners reinstated with an Outperform at Credit Suisse
Credit Suisse analyst Andrew Kuske reinstated coverage of Brookfield Business Partners with an Outperform rating and $48 price target. The reinstatement follows the issuance of $795M of equity by way of a bought deal and two private placements, he contends.

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