08 October 2012 13:45 [Source: ICIS news]
LONDON (ICIS)--TPC Group has received a takeover offer from specialty chemicals company Innospec, the Houston-headquartered chemicals firm said on Monday.
Innospec has made an offer of $44-$46 (€34-€35) per TPC share, to be paid in cash. Equity financing for the acquisition would be provided by US private equity firm Blackstone through its Blackstone Capital Partners VI fund.
The offer is substantially higher than an earlier bid for the company, made by investment firms First Reserve and SK Capital Partners made on 27 August this year.
($1 = €0.77)
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