TPC Group receives non-binding proposal to be acquired by specialty chemicals company Innospec

10-Oct-12

TPC Group, formerly known as Texas Petrochemical, has received a non-binding proposal to be acquired by specialty chemicals company Innospec. Board of directors of the TPC Group is to carefully consider and evaluate the non-binding proposal from Innospec in coming weeks. Innospec is pursuing the acquisition of all of TPC Group's common shares for an all-cash purchase price in the range of US$44-46 per share, representing an overall deal value of over US$700 million. The proposal is subject to certain conditions, including the securing requisite debt financing, completion of due diligence and receipt of internal approvals. Equity financing for the proposed acquisition will be provided by Blackstone Capital Partners VI, L.P., managed by Blackstone on behalf of its private equity investors.