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)
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