Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



Innospec makes takeover bid for US petrochemical company TPC Group

10.08.2012  | 

The TPC Group board of directors said it determined in good faith, after consultation with independent legal and financial advisors, that this offer could lead to a superior proposal. As such, the board said it will carefully consider and evaluate the non-binding proposal from Innospec in coming weeks.

Keywords:

TPC Group, a leading C4 hydrocarbon processing firm formerly known as Texas Petrochemical, said Monday that it received a non-binding proposal to be acquired by specialty chemicals company Innospec.

As part of the proposal, Innospec is pursuing the acquisition of all of TPC Group's common shares for an all-cash purchase price in the range of $44-46 per share, representing an overall deal value of over $700 million.

The proposal is subject to certain conditions, including the securing requisite debt financing, completion of due diligence and receipt of internal approvals.

Equity financing for the proposed acquisition will be provided by Blackstone Capital Partners VI, L.P., managed by Blackstone on behalf of its private equity investors.

The TPC Group board of directors said it determined in good faith, after consultation with its independent legal and financial advisors, that this proposal could lead to a superior proposal.

As such, the board said it will carefully consider and evaluate the non-binding proposal from Innospec and its equity financing partner, and has authorized discussions and negotiations with them.

Moreover, TPC has already made arrangements to facilitate their due diligence review.

TPC said it does not anticipate disclosing any further developments unless the TPC Group board makes a decision, adding that there are no guarantees that negotiations will result in a deal.

As presently built, Innospec largely produces specialty additives for use in fuels.



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Related articles

FEATURED EVENT


Sign-up for the Free Daily HP Enewsletter!

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Should the US allow exports of crude oil? (At present, US companies can export refined products derived from crude but not the raw crude itself.)


65%

35%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2014 Hydrocarbon Processing. © 2014 Gulf Publishing Company.