Innospec Drops $745M Bid To Acquire TPC Group

Law360, New York (December 3, 2012, 2:45 PM EST) -- Colorado specialty chemical maker Innospec Inc. said Monday that it has withdrawn its $745 million bid to acquire rival TPC Group Inc., clearing the way for a pair of private equity firms to acquire Houston-based TPC in a $713 million deal.

Innospec, which had lined up financing from PE giant Blackstone Group LP to fund its proposed takeover, said its decision came after several weeks of performing due diligence on TPC's business and long-term prospects.

"While we still feel that [TPC's business] is a good fit...
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