Innospec raises TPC bid $745 million

Innospec raises TPC bid to $745 million

4:15 AM, 16th November 2012
Innospec raises TPC bid to $745 million

LITTLETON, US: Innospec Inc raised its bid for TPC Group Inc to about $745 million, aiming to thwart a rival offer from private equity firms First Reserve Corp and SK Capital Partners. Innospec raised its bid to $47.50 per share in cash, from its earlier proposal of $44.00 to $46.00 per share. Blackstone Group LP is providing equity financing to Innospec for the deal. Investors bid up TPC Group shares 4 per cent to $47.99 on hopes of a bigger offer.

The company had started a cash tender offer for $350 million of outstanding secured notes due 2017 in connection with the proposed deal with First Reserve Corp and SK Capital Partners. The tender offer was subject to the deal with the two private equity companies going through. TPC has backed the offer from the two private equity companies citing uncertainty about when a transaction with Innospec would ultimately close, among other things.

© Reuters News 

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