TPC Shareholder Sues To Stop $850M Take-Private Deal

Law360, Wilmington (September 5, 2012, 9:21 PM EDT) -- A TPC Group Inc. investor launched a putative class action in Delaware Chancery Court on Tuesday to stop a planned $850 million deal with private equity firms to take the petrochemical products maker private, accusing TPC's board of backing a transaction that benefits themselves, and not shareholders.

Alvin Smilow, trustee for the Herman Smilow 2011 Irrevocable Trust, alleges that TPC's eight directors, including President and CEO Michael T. McDonnell, had conflicting interests that clouded their judgment and led them to accept a deal that provides a...
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