First Reserve, SK Capital acquire TPC $850 million

First Reserve, SK Capital to acquire TPC for $850 million

5:56 AM, 28th August 2012
First Reserve, SK Capital to acquire TPC for $850 million

HOUSTON, US: TPC Group Inc has entered into a definitive merger agreement with investment funds sponsored by First Reserve Corporation, a leading global investment firm dedicated to the energy industry, and SK Capital Partners. TPC Group stockholders will receive $40.00 per share in cash for each share of TPC Group common stock that they own. The transaction, which is valued at approximately $850 million, including net debt, will result in TPC Group becoming a private company. The transaction is expected to close in the fourth quarter of 2012.

The $40.00 per share consideration represents a 20 per cent premium to TPC Group’s closing stock price on 24 July 2012, the last unaffected trading day prior to media reports of a possible acquisition of TPC Group. Stockholders representing approximately 22 per cent of TPC Group’s outstanding shares have entered into agreements to vote in favour of the transaction.

“We are very pleased to enter into this agreement with First Reserve and SK Capital, and we believe this transaction is in the best interests of TPC Group’s stockholders. We are committed to the execution of our near and long-term strategic initiatives and remain on schedule with our projects. As always, we will continue to do what we do best - consistently delivering mission-critical products and providing aggregation, processing and logistics services to our valued partners,” said Michael T McDonnell, President and CEO, TPC Group.

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