Chemicals maker TPC Group Inc on Monday said it received a takeover proposal from Innospec Inc worth as much as $721 million, topping an offer from two private equity firms made in August.Private equity firms First Reserve Corp and SK Capital Partners in August had offered $627.2 million to acquire TPC.The deals pit the private equity industry's desire to expand into a high-margin sector against a chemical industry veteran's attempt to expand.TPC's main product is butadiene, used to make synthetic rubber for tires and other automotive products. But weak demand has pressured its business this year as prices for butadiene have fallen sharply, causing a trough in TPC's market.
Innospec Inc. (Innospec) develops, manufactures, blends and markets fuel additives, personal care and fragrance products and other specialty chemicals. Shares of IOSP fell by 2.85% or $-0.98/share to $33.37. In the past year, the shares have traded as low as $25.18 and as high as $34.67. On average, 94375 shares of IOSP exchange hands on a given day and today's volume is recorded at 298557.
TPC Group Inc. (TPCGI) is a producer of products derived from petrochemical raw materials, such as four-carbon (C4) hydrocarbons. Shares of TPCG traded higher by 12.81% or $5.21/share to $45.88. In the past year, the shares have traded as low as $18.49 and as high as $47.61. On average, 163728 shares of TPCG exchange hands on a given day and today's volume is recorded at 1013919.
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