Faruqi & Faruqi, LLP Is Seeking More Cash For The Shareholders Of TPC Group Inc. (TPCG)
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of TPC Group Inc. ("TPC Group" or the "Company") (NAS: TPCG) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to the investment funds (the "Investment Funds") sponsored by First Reserve Corporation, a leading global investment firm dedicated to the energy industry, and SK Capital Partners, a U.S. based private investment firm focused on the chemicals sector. On August 27, 2012, TPC Group entered into a merger agreement with the Investment Funds, under the terms of which TPC Group's stockholders will receive $40 in cash for each share of TPC Group they own. On October 8, 2012, however, TPC Group received a superior proposal from Innospec Inc. (NAS: IOSP) ("Innospec"). As part of this proposal, Innospec would pursue an acquisition of all of TPC Group's common shares for an all-cash purchase price in the range of $44-46 per share. Furthermore, according to Yahoo! Finance, at least one financial analyst has set a price target of $55 for TPC Group.
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The investigation focuses on whether TPC Group's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to be acquired by the Investment Funds, whether Innospec's proposal was given proper consideration by the Company's Board, and whether the merger with the Investment Funds undervalues TPC Group's shares to the detriment of TPC Group's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in TPC Group and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/TPCG or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: 877-247-4292
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