Innospec raises TPC bid to $47.50/share (update)

Innospec and private equity firm Blackstone Capital Partners (New York) have submitted a revised bid for TPC Group, which values the company at $47.50/share, about 5.6% higher than both their previous bid, and TPC’s agreed-upon takeout offer from private equity firms SK Capital (New York) and First Reserve (Houston). The new offer is the latest salvo in a bidding war for TPC between Innospec, partner Blackstone, and SK Capital and First Reserve. The latter two firms first agreed to acquire TPC in August.   TPC agreed to a revised, $45/share...

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