Innospec drops TPC Group bid

Innospec and private equity firm Blackstone Capital Partners (New York) have dropped their $47.50/shre bid for TPC Group, Innospec says. The move clears the way for TPC to go ahead with its $45/share takeout agreement with private equity firms First Reserve (Houston) and SK Capital (New York) without considering a rival bid. That deal values TPC’s equity at about $706 million. TPC's board "urges all stockholders to take prompt action to vote for the adoption of the merger agreement with First Reserve Corporation and SK Capital Partners, under which...

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