TPC Group gets higher bid from First Reserve, SK

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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