US TPC shareholders approve sale to First Reserve, SK Capital

05 December 2012 16:46  [Source: ICIS news]

US TPC shareholders approve sale to First Reserve, SK CapitalHOUSTON (ICIS)--Shareholders of US-based butadiene (BD) producer TPC Group approved a merger agreement that would sell the company to First Reserve and SK Capital Partners, the company said on Wednesday.

The announcement followed a special meeting held by TPC Group.

The deal should close before 31 December, the company said.

Under it, TPC stockholders will receive $45/share.

The initial offer by SK Capital and First Reserve was $40.00/share, which was worth about $850m (€646m).

Innospec had also offered to acquire the company before withdrawing its proposal.

($1 = €0.76)

By: Al Greenwood
+1 713 525 2645

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