Midstream services provider Teekay Offshore Partners LP said May 30 that the conflicts committee of its general partner Teekay Offshore GP LLC has appointed advisers to help it evaluate an unsolicited nonbinding proposal from a consortium led by private equity firm Brookfield Business Partners LP.

Potter Anderson & Corroon LLP will serve as the partnership's independent legal adviser while Evercore Group LLC was tapped as its financial adviser.

The advisers will help the conflict committee evaluate a proposal for the Brookfield consortium to buy the remaining 26.8% of Teekay Offshore's issued and outstanding publicly held common units for $120 million. The consortium currently holds a 73.2% stake in the partnership.

The directors on the conflicts committee are not affiliated with Brookfield, Teekay said in its news release.