First Reserve and SK Capital Get Competition for TPC Group
October 09, 2012
TPC Group (NASDAQ: TPCG), which entered into an agreement in August to be acquired by First Reserve and SK Capital Partners for $40 per share, has received a non-binding proposal to be acquired by Innospec (NASDAQ: IOSP) for a price in the range of $44 to $46 per share. Equity financing would be provided by The Blackstone Group's Blackstone Capital Partners VI fund. TPC processes and provides services for products derived from niche petrochemical raw materials. The company's Board of Directors has determined that Innospec's proposal would reasonably be expected to lead to a superior proposal.