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Business
Private Equity Firms Raise Bid For TPC
by Michael McCoy
November 12, 2012
| A version of this story appeared in
Volume 90, Issue 46
The private equity firms SK Capital and First Reserve have increased their bid for TPC Group, a Houston-based processor of butadiene and other C4 chemicals, to $45.00 per share, up from the $40.00 offer they made in August. The earlier bid was criticized by some TPC shareholders as too low. Then, last month, the chemical maker Innospec, backed by Blackstone Group, proposed a takeover of TPC for $44.00 to $46.00 per share. TPC’s board says it favors the increased offer from SK and First Reserve and that it has ended discussions with Innospec.
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