TPC Group shareholders approve $890-million sale to First Reserve and SK Capital

TPC Group shareholders today approved the sale of the company to First Reserve and SK Capital for $45/share. The deal values TPC Group at about $890 million, including net debt, as of 30 September 2012. The shareholder vote was approved at a special shareholder meeting in Houston this morning after Innospec and Blackstone dropped a competing $47.50/share bid on 3 December. TPC says that First Reserve and SK Capital have received all needed regulatory approvals, and closing to expected to occur by 31 December 2012. "We are pleased with the outcome of...

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