Butadiene producer TPC to move into private ownership

ERJ staff report (DS)

Houston, Texas - TPC group, one of the world's leading suppliers of butadiene monomer, has agreed to become part of a private equity group.

The company said it has entered into a definitive merger agreement with investment funds sponsored by First Reserve Corporation and SK Capital Partners.

Under the terms of the merger agreement, TPC Group stockholders will receive $40.00 per share in cash for each share of TPC Group common stock that they own. The transaction, which is valued at approximately $850 million, including net debt, will result in TPC Group becoming a private company. The transaction is expected to close in the fourth quarter of 2012.

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Press release from TPC

Press release from First Reserve