Innospec Inc withdrew its offer of about $745 million for chemical manufacturer TPC Group Inc , potentially paving the way for the success of a rival bid from First Reserve Corp and SK Capital Partners for the butadiene maker.TPC shares fell 7 percent to $44.70 in early morning trade on Monday, while Innospec shares were up about 2 percent.First Reserve Corp and SK Capital Partners are offering $45 per share for TPC, lower than Innospec's $47.50, but TPC has recommended that its shareholders vote in favor of a deal with the two private equity firms.The two firms and TPC have repeatedly called the $45-per-share offer superior, saying, among other things, that it was unlikely that Innospec would close a deal this year.
Innospec Inc. (Innospec) develops, manufactures, blends and markets fuel additives, personal care and fragrance products and other specialty chemicals. Shares of IOSP traded higher by 1.15% or $0.365/share to $32.20. In the past year, the shares have traded as low as $25.18 and as high as $34.87. On average, 118656 shares of IOSP exchange hands on a given day and today's volume is recorded at 220297.
TPC Group Inc. (TPCGI) is a producer of products derived from petrochemical raw materials, such as four-carbon (C4) hydrocarbons. Shares of TPCG fell by 6.83% or $-3.28/share to $44.75. In the past year, the shares have traded as low as $22.15 and as high as $48.40. On average, 158995 shares of TPCG exchange hands on a given day and today's volume is recorded at 3980542.
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