Innospec raises TPC bid to $47.50/share

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, 5.6% higher than 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 and 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, acquisition by SK Capital and...

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