Innospec Increases Its Offer to Acquire TPC Group
Innospec Inc. (IOSP) announced that it has increased its non-binding proposal to acquire all outstanding shares of common stock of TPC Group (TPCG) at an all-cash purchase price of $47.50 per share. The offer continues to be supported by investment funds affiliated with Blackstone Capital Partners VI, L.P. (Blackstone), which will provide equity financing for the transaction.
Patrick Williams, President and CEO of Innospec said, "We were disappointed to have been denied sufficient access to complete our due diligence, and we fully expect this revised offer to allow this to happen. Our diligence so far has confirmed our initial findings that TPC is a good strategic fit with Innospec. Our proposal continues to be subject to certain conditions, including completion of our due diligence and agreeing to definitive documentation."
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 850 employees in 20 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. Innospec's Fuel Specialties business specializes in manufacturing and supplying the fuel additives that help improve fuel efficiency, boost engine performance and reduce harmful emissions. Innospec's Performance Chemicals business provides effective technology-based solutions for our customers' processes or products focused in the Personal Care; Household, Industrial & Institutional; and Fragrance Ingredients markets. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.