Shareholder Slams PE Firms' $850M TPC Take-Private Bid

Law360, New York (August 28, 2012, 7:56 PM EDT) -- Minority shareholder Sandell Asset Management Corp. on Tuesday blasted an $850 million proposal to take Texas petrochemical products maker TPC Group Inc. private and vowed to vote its TPC shares against the deal.

The $40-per-share offer for TPC — which comes from New York private equity firm SK Capital Partners and Connecticut-based energy investor First Reserve Corp. — “grossly undervalues” the target company, Sandell CEO Thomas E. Sandell wrote in an open letter to TPC's board.

TPC is poised to take advantage of an uptick in...
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