TPC Board Approves Beefed-Up $713M PE Buyout Bid

Law360, New York (November 8, 2012, 12:44 PM EST) -- Texas petrochemical products company TPC Group Inc. on Thursday approved a boosted private equity buyout bid worth $713 million, halting negotiations with other prospective purchasers after the buyers padded their offer by 12.5 percent to answer shareholders’ pricing concerns.

Under the revised go-private deal, SK Capital Partners and First Reserve Corp. would pay $45 per share, a 34 percent premium over TPC’s close the July day before media reports began swirling about a potential sale. 

In August, the firms teamed to lodge a bid that valued...
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