Innospec (IOSP) Drops Bid for TPC Group (TPCG), Declares Special Dividend
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Innospec Inc. (Nasdaq: IOSP) said its Board of Directors has informed the Board of Directors of TPC Group (Nasdaq: TPCG) that Innospec has withdrawn its proposal to acquire the company.
Patrick Williams, President and CEO said, "We have spent a great deal of time and effort studying the TPC business, and, while we still feel that it is a good fit with Innospec, we are unable to conclude a deal structure in a manner where we are totally satisfied with the value creation for our shareholders. As a result, we have reluctantly decided that it would be in our investors' best interests to withdraw our proposal. Our acquisition strategy has always been focused on delivering shareholder value, and we continue to pursue other opportunities which we hope will come to fruition in the coming months."
At the same time, the Board has also declared a special dividend of $2 per share on each outstanding share of common stock of Innospec Inc. The special dividend will be paid on December 21, 2012, to shareholders of record at the close of business on December 14, 2012.
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Patrick Williams, President and CEO said, "We have spent a great deal of time and effort studying the TPC business, and, while we still feel that it is a good fit with Innospec, we are unable to conclude a deal structure in a manner where we are totally satisfied with the value creation for our shareholders. As a result, we have reluctantly decided that it would be in our investors' best interests to withdraw our proposal. Our acquisition strategy has always been focused on delivering shareholder value, and we continue to pursue other opportunities which we hope will come to fruition in the coming months."
At the same time, the Board has also declared a special dividend of $2 per share on each outstanding share of common stock of Innospec Inc. The special dividend will be paid on December 21, 2012, to shareholders of record at the close of business on December 14, 2012.
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