TPC Group Inc. (TPCG) announced that its stockholders adopted the merger agreement with affiliates of First Reserve Corporation and SK Capital Partners, thus approving the sale of the Company.
Upon closing of the merger, TPC Group stockholders will become entitled to receive $45.00 per share in cash for each share of TPC Group common stock that they own.
With today's approval by TPC Group's stockholders, all requisite approvals required to consummate the transaction have been received. The closing is expected to occur prior to December 31, 2012.
On 3rd December, Innospec Inc. (IOSP) announced its Board has informed the Board of TPC Group that Innospec has withdrawn its proposal to acquire the company.
On 15th November, Innospec had sweetened its bid for TPC Group to $47.50 per share in cash, countering an offer from investment funds sponsored by First Reserve Corp. and SK Capital Partners. Innospec' board had raised its offer to $47.50 per share from the prior proposed price range of $44.00 to $46.00 per share.
On November 8th, Global investment firm First Reserve Corp. and SK Capital Partners, a U.S.-based private investment firm focused on the chemicals sector, reached a revised merger agreement with TPC Group, under which First Reserve and SK Capital increased the per share price to acquire TPC to $45.00 in cash. The revised price represents a 12.5% increase over the prior agreed price of $40.00 per share announced on August 27, 2012.
It was on August 27, that TPC Group entered into a merger agreement with First Reserve Corp., and SK Capital Partners in a deal valued at about $850 million, including net debt. As per the terms of the agreement, TPC stockholders were eligible to receive $40 per share in cash for each TPC share.
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