Innospec Inc. announced its interest in acquiring TPC group in a total M&A deal.
In the process of this interest it has submitted a non-binding proposal to acquire all outstanding shares of common stock of TPC Group for an all-cash purchase price in the range of $44 to $46 per share. The m&a offer is supported by investment funds affiliated with Blackstone Capital Partners VI, L.P. (Blackstone), which Innospec expects to provide equity financing for the transaction.
Patrick Williams, President and CEO of Innospec said, “We believe that TPC is a good strategic and synergistic fit with Innospec. At this stage, our proposal is subject to certain conditions, including completion of our due diligence, Innospec obtaining all necessary internal approvals, and agreeing to definitive documentation. We do not anticipate making a further statement until such time as our process is complete.”
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