American speciality chemicals company Innospec Inc. and private equity group Blackstone Group have increased the bid for TPC Group, US’s largest producer of finished butadiene and the largest producer of butene-1, from US$721 million to US$744 million to stop a bid from private equity companies Capital Partners and First Reserve Corp.
Innospec , the world’s only manufacturer of tetraethyllead used in aviation fuel, has decided to increase the bid as TPC had ended the talks with it after First Reserve and SK Capital increased their offer to US$45 per share from US$40 per share. According to TPC, Innospec and Blackstone increased their offer per share to US$47.50 and it will restart talks with the two bidders again. (RJA)