PE Firms Stand By $713M TPC Offer Despite Higher Rival Bid

Law360, New York (November 16, 2012, 2:19 PM EST) -- Two private equity bidders vying to take over specialty chemicals maker TPC Group Inc. said Friday they will stick to their board-approved $713 million bid despite a sweetened $745 million offer made Thursday by Blackstone Group LP-backed rival bidder Innospec Inc.

SK Capital Partners and First Reserve Corp. said in a joint statement that their experience in closing deals in both the energy and chemicals industries, plus the fact that they have already lined up financing and secured regulatory approval for their buy, make their proposal...
To view the full article, register now.