TPC Group (TPCG) Receives Higher $47.50/Sh Bid from Innospec (IOSP)
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TPC Group Inc. (Nasdaq: TPCG) received a revised non-binding expression of interest to be acquired by Innospec Inc. (Nasdaq: IOSP).
In its letter, Innospec stated that its board of directors has authorized it to increase its proposed price to $47.50 per share in cash. Its prior expression of interest indicated a proposed price range of $44.00 to $46.00 per share.
The TPC Group Board of Directors has determined in good faith, after consultation with its independent legal and financial advisors, that Innospec's revised expression of interest would reasonably be expected to lead to a superior proposal, as that term is defined in the merger agreement between TPC Group and investment funds sponsored by First Reserve Corporation and SK Capital Partners. Accordingly, TPC Group's Board of Directors has authorized renewed discussions and negotiations with Innospec and has authorized allowing Innospec and its financing partners and representatives to resume their due diligence review.
In its letter, Innospec stated that its board of directors has authorized it to increase its proposed price to $47.50 per share in cash. Its prior expression of interest indicated a proposed price range of $44.00 to $46.00 per share.
The TPC Group Board of Directors has determined in good faith, after consultation with its independent legal and financial advisors, that Innospec's revised expression of interest would reasonably be expected to lead to a superior proposal, as that term is defined in the merger agreement between TPC Group and investment funds sponsored by First Reserve Corporation and SK Capital Partners. Accordingly, TPC Group's Board of Directors has authorized renewed discussions and negotiations with Innospec and has authorized allowing Innospec and its financing partners and representatives to resume their due diligence review.
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