11.15.12
Innospec has increased its non-binding proposal to acquire all outstanding shares of common stock of TPC Group at an all-cash purchase price of $47.50 per share. The offer continues to be supported by investment funds affiliated with Blackstone Capital Partners VI, L.P. (Blackstone), which will provide equity financing for the transaction. TPC Group Inc. is the biggest producer of the chemical butadiene, which is used to make synthetic rubber.
"We were disappointed to have been denied sufficient access to complete our due diligence, and we fully expect this revised offer to allow this to happen," said Patrick Williams, president and CEO of Innospec. "Our diligence so far has confirmed our initial findings that TPC is a good strategic fit with Innospec. Our proposal continues to be subject to certain conditions, including completion of our due diligence and agreeing to definitive documentation."
Innospec Inc. is an international specialty chemicals company with
approximately 850 employees in 20 countries. Innospec manufactures and
supplies a wide range of specialty chemicals to markets in the
Americas, Europe, the Middle East, Africa and Asia-Pacific. Innospec's
Fuel Specialties business specializes in manufacturing and supplying
the fuel additives that help improve fuel efficiency, boost engine
performance and reduce harmful emissions. Innospec's performance
chemicals business provides effective technology-based solutions for
our customers' processes or products focused in the personal care,
household, industrial & institutional and fragrance ingredients
markets. Innospec's octane additives business is the world's only
producer of tetra ethyl lead.
"We were disappointed to have been denied sufficient access to complete our due diligence, and we fully expect this revised offer to allow this to happen," said Patrick Williams, president and CEO of Innospec. "Our diligence so far has confirmed our initial findings that TPC is a good strategic fit with Innospec. Our proposal continues to be subject to certain conditions, including completion of our due diligence and agreeing to definitive documentation."
Innospec Inc. is an international specialty chemicals company with
approximately 850 employees in 20 countries. Innospec manufactures and
supplies a wide range of specialty chemicals to markets in the
Americas, Europe, the Middle East, Africa and Asia-Pacific. Innospec's
Fuel Specialties business specializes in manufacturing and supplying
the fuel additives that help improve fuel efficiency, boost engine
performance and reduce harmful emissions. Innospec's performance
chemicals business provides effective technology-based solutions for
our customers' processes or products focused in the personal care,
household, industrial & institutional and fragrance ingredients
markets. Innospec's octane additives business is the world's only
producer of tetra ethyl lead.