Innospec withdraws proposal to buy TPC Group

Mon Dec 3, 2012 9:15am EST

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Dec 3 (Reuters) - Innospec Inc withdrew its offer of about $745 million for chemical maker TPC Group Inc, saying it was in the best interests of its shareholders.

"We are unable to conclude a deal structure in a manner where we are totally satisfied with the value creation for our shareholders," Innospec Chief Executive Patrick Williams said.

TPC Group shares fell 6 percent before the bell, while Innospec shares were unchanged.