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Provider: Jefferson Research
Provider: MacroRisk Analytics/EconomicInvestor

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Tpc Group Inc Receives Revised Non-Binding Expression Of Interest From Innospec Inc.

Thursday, 15 Nov 2012 07:05am EST 

Tpc Group Inc announced that it has received a revised non-binding expression of interest to be acquired by Innospec Inc. ("Innospec"). 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. Innospec's expression of interest remains subject to certain conditions, including, among others, securing requisite debt and equity financing, completion of due diligence, receipt of internal approvals and negotiation and execution of a definitive agreement. Equity financing for the proposed acquisition is expected to be provided by Blackstone Capital Partners VI, L.P., a fund managed by The Blackstone Group L.P. on behalf of its private equity investors. 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. It is not anticipated that any further developments will be disclosed with regard to these discussions unless and until the TPC Group Board makes a decision with respect to any definitive acquisition proposal that Innospec may submit. There are no guarantees that these negotiations will result in a definitive proposal from Innospec or that TPC Group's Board will determine that any such definitive proposal is a superior proposal. 

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-0.36 -0.88%
25 Jul 2014