09 November 2012 20:48 [Source: ICIS news]
HOUSTON (ICIS)--The European Commission has approved the sale of TPC Group to private equity firms SK Capital and First Reserve, the US-based butadiene producer said on Friday.
With the antimonopoly clearance, the remaining regulatory step is the early termination of the required waiting period under the Hart-Scott-Rodino Act in the US.
The transaction, which is expected to close in the fourth quarter, remains subject to the approval of TPC Group’s stockholders on 5 December, the company said.
TPC Group announced on Thursday that it has agreed to the equity firms' increased takeover offer of $45/share, which was 12.5% higher than the original $40/share offer made in August.
Last month, chemicals company Innospec submitted a non-binding proposal to acquire all of TPC’s common stock for an all-cash purchase price of $44-46 per share.
Following the latest agreement with SK Capital and First Reserve, TPC said it has ended negotiations with Innospec.
($1 = €0.78)
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