Innospec raises TPC bid to $745 million

4:15 AM, 16th November 2012

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.

0 Comments

Your Comments (Up to 2000 characters)

Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Submit

Related News

Mitsubishi Rayon acquires TK Industries

TOKYO, JAPAN: Mitsubishi Rayon Co Ltd (MRC) announced that all procedures required for the purchase of TK Industries GmbH, who develop and manufacture ...

Sealed Air completes sale of Diversey Japan

ELMWOOD PARK, US: Sealed Air Corporation has completed the previously announced sale of Diversey G K (Diversey Japan), an indirect subsidiary of Diver ...

Technip bags substantial GirRI project phase 2 contract in Angola

PARIS, FRANCE: Technip was awarded by Total E&P Angola, an engineering, procurement, construction and commissioning (EPIC) contract for the second ...

Bayer develops seismic protection system for buildings

LEVERKUSEN, GERMANY: In cooperation with partners in industry and academia, Bayer MaterialScience has developed an effective and cost-efficient seismi ...

KBR bags IGCC project FEED contract in Saudi Arabia

HOUSTON, US: KBR is awarded a contract to execute front-end engineering and design (FEED) for an integrated gasification combined cycle (IGCC) project ...

Solazyme, Bunge to expand renewable oil capacity

SOUTH SAN FRANCISCO, US: Solazyme Inc has entered into a joint venture expansion framework agreement with Bunge Global Innovation LLC. The agreement s ...