Shareholders of chemical manufacturer TPC Group Inc approved the sale of the company to private equity firms First Reserve Corp and SK Capital, after Innospec Inc withdrew its bid earlier this week. TPC Group said its shareholders in a meeting on Wednesday voted in favor of First Reserve Corp and SK Capital Partners's $45 per share offer, which values the company at about $705 million.TPC had repeatedly recommended that its shareholders vote in favor of the deal with the two firms, citing Innospec's inability to close the deal this year, among other things.Innospec pulled its $745 million offer on Monday, saying it was in the best interests of its investors to do so."TPC Group is a great company that is well positioned as its markets continue to evolve as a result of increasing supplies of North American shale gas and associated liquids," said Jack Norris, a managing director of SK Capital.
Innospec Inc. (Innospec) develops, manufactures, blends and markets fuel additives, personal care and fragrance products and other specialty chemicals. Shares of IOSP fell by 0.22% or $-0.07/share to $32.32. In the past year, the shares have traded as low as $25.18 and as high as $34.87. On average, 120950 shares of IOSP exchange hands on a given day and today's volume is recorded at 58100.
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 0.25% or $0.11/share to $44.90. In the past year, the shares have traded as low as $22.15 and as high as $48.40. On average, 232037 shares of TPCG exchange hands on a given day and today's volume is recorded at 239912.
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