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TPC Group gets higher bid from First Reserve, SK

7:46 AM MST | November 12, 2012

TPC Group and private equity firms First Reserve (Houston) and SK Capital (New York) have revised the deal under which the firms will acquire TPC in a management buyout. The deal now values TPC at $45/share, 12.5% higher than the original $40/share offer. It also increases the termination fee that TPC would have to pay to SK Capital and First Reserve from $19 million to $24 million. The revised deal comes after private equity firm Blackstone Capital Partners (New York) and Innospec submitted a $44–46/share bid for TPC. Those discussions have been terminated as...

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