TPC Group gets rival buyout offer from Innospec
HOUSTON (AP) — TPC Group, which makes fuel, rubber and other products from petrochemicals, says it has received a higher buyout offer than it has already accepted from another suitor. Its shares jumped 11 percent.
TPC Group Inc. said Monday that Innospec Inc. is proposing to buy its shares for between $44 and $46 per share. That would value TPC in a range of approximately $691 million to $722 million.
In August, TPC said that it had agreed to sell itself for $40 per share, or about $628 million, to First Reserve Corp. and SK Capital Partners. TPC currently has about 15.7 million outstanding shares, according to FactSet.
The company said its board will evaluate Innospec's proposal and has authorized discussions and negotiations with the Littleton, Colo.-based company, which manufactures and markets fuel additives, personal care and fragrance products and other specialty chemicals.
TPG Group shares rose $5.21, or 12.8 percent, to close at $45.88. Innospec shares fell 98 cents, or 2.9 percent, to close at $33.37.
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