US TPC shareholders approve sale to First Reserve, SK Capital
05 December 2012 16:46 [Source: ICIS news]
HOUSTON (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
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
| ICIS news FREE TRIAL |
| Get access to breaking chemical news as it happens. |
| ICIS Global Petrochemical Index (IPEX) |
| ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index |
Related Articles
- 03 May 13 18:43 Addivant targets growth, looks to hire more staff
- 18 Mar 13 19:43 MOVES: TPC Group names Graham senior vice president, commercial
- 20 Dec 12 19:09 Investment firms complete acquisition of US BD producer TPC
- 12 Dec 12 18:01 US BD October exports rose sharply year on year – ITC
- 11 Dec 12 20:29 Uni-World, Brightwood acquire US VanDeMark Chemical
- 10 Dec 12 15:00 Americas top stories - weekly summary
- 05 Dec 12 19:00 VIDEO - ICIS Americas Lunchtime Bulletin 5 December 2012
- 05 Dec 12 19:00 VIDEO - ICIS Americas Lunchtime Bulletin 5 December 2012
- 03 Dec 12 14:44 Innospec withdraws takeover bid for US butadiene maker TPC Group
- 15 Nov 12 14:18 US chems firm Innospec antes up in TPC bidding war
- 08 Nov 12 14:19 US TPC Group agrees higher offer from SK Capital, First Reserve
- 05 Nov 12 20:30 Chemical M&A to rebound in 2013 − US banker
- 01 Nov 12 21:52 US TPC Group Q3 income falls 22% on expenses, lower BD revenue
- 22 Oct 12 17:12 INSIGHT: M&A activity cools in uncertain times
- 08 Oct 12 13:45 US TPC Group receives takeover bid from Innospec
Latest News
- 19 Jun 13 18:23 Quest acquires automotive refinishing manufacturer USC
- 19 Jun 13 17:56 Europe EPS international trade flows rise in March
- 19 Jun 13 17:52 EU parliament committee urges bans on fluorinated gases
- 19 Jun 13 17:39 US jet fuel consumption gains 31% inventories drop 2.2%
- 19 Jun 13 17:27 Europe butyl acrylate spot prices rise on limited supply