03 December 2012 14:44 [Source: ICIS news]
LONDON (ICIS)--Innospec has withdrawn its takeover bid for US butadiene producer TPC Group, it said on Monday.
The international specialty chemicals company had submitted two offers for TPC, the latest last month at $47.50/share (€36.58/share), trumping an offer from private equity firms SK Capital and First Reserve.
"We have spent a great deal of time and effort studying the TPC business, and, while we still feel that it is a good fit with Innospec, we are unable to conclude a deal structure in a manner where we are totally satisfied with the value creation for our shareholders," said president and CEO Patrick Williams.
"As a result, we have reluctantly decided that it would be in our investors' best interests to withdraw our proposal," he added.
Williams said the company would continue to pursue other acquisition opportunities which it hoped would "come to fruition in the coming months".
Innospec also announced that it would declare a special dividend of $2 per share on each outstanding share of common stock,
The special dividend will be paid on 21 December to shareholders of record at the close of business on 14 December, the company said.
($1 = €0.77)
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