logo
  Join        Login             Stock Quote

Innospec (IOSP) Responds to Revised Offer For TPC (TPCG) From PE Firms

 November 08, 2012 02:05 PM
 


(By Balachander) Innospec Inc. (NASDAQ: IOSP) has responded to reports of a revised competing offer for TPC Group Inc. (NASDAQ: TPCG) made by private equity firms First Reserve Corp. and SK Capital.

Earlier in the day, Houston, Texas-based TPC said it has agreed on increased consideration of $45.00 in cash per share offered by First Reserve and SK Capital, both of which agreed to offer $40 per share for each share of TPC in August.

[Related -Innospec (IOSP) Unit Buys Strata Control Services]

Last month, TPC received a non-binding proposal to be acquired by Innospec - a maker of fuel-additives - for $44 to $46 per share in cash.

TPC is the number one North American producer by capacity of finished butadiene and other crude C4 derivatives for plastics and gasoline.

On Thursday, TPC said it terminated talks with Innospec and Blackstone Group LP (BX) and stopped providing due diligence information to them related to Innospec's non-binding proposal.

[Related -Innospec (IOSP) Withdraws Proposal To Acquire TPC (TPCG); Declares Special Dividend]

"We object strongly to the statements they have made, some of which are either false or misleading and which reflect a significant lack of understanding of Innospec's business, its strategy and its proposal," Innospec CEO Patrick Williams said, responding to statements made in the investment group's press release about Innospec and its non-binding proposal.

TPC operates in two segments, C4 processing and performance products. The C4 processing segment offers butadiene that is primarily used to produce synthetic rubber used in tires and other automotive products.

TPC's performance products segment provides high purity isobutylene, which is primarily used in the production of synthetic rubber, lubricant additives, surfactants, and coatings.

On Thursday, IOSP shares fell 2.75 percent to trade at $31.50, while TPCG shares gained 3.79 percent to trade at $46.57.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageXerox Corp. (XRX): An Insider’s $500,000 Insider Buy

Last week was a healthy week of insider buying as 194 companies reported purchase records. The number read on...

article imageQihoo 360 Technology Co Ltd. (QIHU) Q2 Earnings Preview: A Green Monday

Qihoo 360 Technology Co Ltd. (NYSE:QIHU) will report its second quarter 2014 financial results on Monday, read on...

article imageSix Stocks that Could Outperform in the next 90 days

Earlier today, Goldman Sachs put out its list of the 50 stocks that Matter Most. It’s a list of the 50 read on...

article imageFoot Locker, Inc. (FL) Q2 Earnings Preview: Running Past the Street View

Foot Locker, Inc. (NYSE:FL) plans to report financial results for its second quarter ended August 2, 2014 read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.