TPC Group Inc. Receives Revised Non-Binding Expression of Interest From Innospec Inc.

TPC Group Inc. Receives Revised Non-Binding Expression of Interest From
Innospec Inc.

TPC Group Resumes Discussions With Innospec

HOUSTON, Nov. 15, 2012 (GLOBE NEWSWIRE) -- TPC Group Inc. (Nasdaq:TPCG), a
leading fee-based processor and service provider of value-added products
derived from niche petrochemical raw materials, today announced that it has
received a revised non-binding expression of interest to be acquired by
Innospec Inc. (Nasdaq:IOSP) ("Innospec"). In its letter, Innospec stated that
its board of directors has authorized it to increase its proposed price to
$47.50 per share in cash. Its prior expression of interest indicated a
proposed price range of $44.00 to $46.00 per share.

Innospec's expression of interest remains subject to certain conditions,
including, among others, securing requisite debt and equity financing,
completion of due diligence, receipt of internal approvals and negotiation and
execution of a definitive agreement. Equity financing for the proposed
acquisition is expected to be provided by Blackstone Capital Partners VI,
L.P., a fund managed by The Blackstone Group L.P. on behalf of its private
equity investors.

The TPC Group Board of Directors has determined in good faith, after
consultation with its independent legal and financial advisors, that
Innospec's revised expression of interest would reasonably be expected to lead
to a superior proposal, as that term is defined in the merger agreement
between TPC Group and investment funds sponsored by First Reserve Corporation
and SK Capital Partners.Accordingly, TPC Group's Board of Directors has
authorized renewed discussions and negotiations with Innospec and has
authorized allowing Innospec and its financing partners and representatives to
resume their due diligence review.

Innospec's letter said it still expects to be able to submit a definitive
proposal to the Board within the six-week time period indicated in its October
21 letter to the Board, and in any event prior to the date of TPC Group's
special meeting of stockholders on December 5, 2012.The letter reaffirmed
that Innospec's potential transaction would not require a vote of Innospec's
stockholders.Consummation of any such transaction would be subject to
regulatory approvals and other conditions.Innospec said it remained confident
in its ability to obtain committed financing for a potential transaction at
its revised price.Innospec also said that it needs further due diligence
information to complete its analysis before submitting a definitive proposal.

It is not anticipated that any further developments will be disclosed with
regard to these discussions unless and until the TPC Group Board makes a
decision with respect to any definitive acquisition proposal that Innospec may
submit.There are no guarantees that these negotiations will result in a
definitive proposal from Innospec or that TPC Group's Board will determine
that any such definitive proposal is a superior proposal.

As previously announced, TPC Group has entered into a merger agreement with
investment funds sponsored by First Reserve Corporation and SK Capital
Partners. On November 7, 2012, the merger agreement was amended to, among
other things, increase the consideration payable to TPC Group stockholders
from $40.00 per share to $45.00 per share in cash.TPC Group has scheduled a
special meeting of stockholders for the purpose of voting on the adoption of
the merger agreement on December 5, 2012 at 9:00 a.m. Central time. TPC
Group's stockholders of record as of the close of business on November 1, 2012
are entitled to vote at the special meeting.At this time, the TPC Group Board
of Directors has not changed its recommendation with respect to, and continues
to recommend that TPC stockholders vote in favor of adopting and approving,
the merger agreement (as amended) entered into with investment funds sponsored
by First Reserve Corporation and SK Capital Partners and the transactions
contemplated thereby.

Perella Weinberg Partners LP is serving as financial advisor to TPC Group, and
Baker Botts L.L.P. is serving as legal counsel.Skadden, Arps, Slate, Meagher
& Flom LLP is serving as legal counsel to the special committee of the TPC
Group's Board of Directors.

About TPC Group

TPC Group Inc. is a leading producer of value-added products derived from
niche petrochemical raw materials, such as C4 hydrocarbons, and provider of
critical infrastructure and logistics services along the Gulf Coast
region.The Company sells its products into a wide range of performance,
specialty and intermediate markets, including synthetic rubber, fuels,
lubricant additives, plastics and surfactants.Headquartered in Houston,
Texas, and with an operating history of over 68 years, the Company has
manufacturing facilities in the industrial corridor adjacent to the Houston
Ship Channel, Port Neches and Baytown, Texas and operates a product terminal
in Lake Charles, Louisiana. For more information, visit the Company's website
at http://www.tpcgrp.com.

The TPC Group logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9551

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the
proposed merger between TPC Group and investment funds sponsored by First
Reserve Corporation and SK Capital Partners. In connection with the proposed
merger, TPC Group has filed a definitive proxy statement and a supplement to
the definitive proxy statement with the SEC on November 5, 2012 and November
13, 2012, respectively. Investors and security holders of TPC Group are urged
to carefully read the definitive proxy statement and the supplement because
they contain important information about the transaction.

The definitive proxy statement and the supplement were mailed to TPC Group's
stockholders seeking their approval of the proposed merger on or about
November 5, 2012 and November 14, 2012, respectively. Investors and security
holders may obtain a free copy of the definitive proxy statement, the
supplement and other documents filed by TPC Group with the SEC, at the SEC's
website at www.sec.gov. Free copies of the documents filed with the SEC by TPC
Group will be available on TPC Group's website at www.tpcgrp.com under the
"Investors" tab, by directing a request to TPC Group, Attention: Investor
Relations, 5151 San Felipe, Suite 800, Houston, Texas 77056, or by calling
(713) 627-7474. Investors may also read and copy any reports, statements and
other information filed with the SEC at the SEC public reference room at 100 F
Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800)
732-0330 or visit the SEC's website for further information on its public
reference room.

TPC Group and its directors, executive officers and certain members of
management and employees may, under the rules of the SEC, be deemed to be
"participants" in the solicitation of proxies in connection with the proposed
merger. Information concerning the interests of the persons who may be
participants in the solicitation is set forth in the definitive proxy
statement and the supplement. Information concerning beneficial ownership of
TPC Group stock by its directors and certain executive officers is included in
its proxy statement relating to its 2012 annual meeting of stockholders filed
with the SEC on April 26, 2012 and subsequent statements of changes in
beneficial ownership on file with the SEC.

Forward-Looking Statements

This communication contains forward-looking statements, which are subject to
risks, uncertainties, assumptions and other factors that are difficult to
predict and that could cause actual results to vary materially from those
expressed in or indicated by them. Factors that could cause actual results to
differ materially include, but are not limited to (1) the occurrence of any
event, change or other circumstances that could give rise to the termination
of the merger agreement (as amended) among TPC Group and investment funds
sponsored by First Reserve Corporation and SK Capital Partners; (2) the
outcome of any legal proceedings that may be instituted against TPC Group and
others following announcement of the merger agreement; (3) the inability to
complete the proposed merger due to the failure to satisfy the conditions to
the merger, including obtaining the approval of TPC Group's stockholders,
antitrust clearances and other closing conditions; (4) risks that the proposed
merger disrupts current plans and operations of TPC Group; (5) potential
difficulties in employee retention as a result of the proposed merger; (6) the
ability to recognize the benefits of the proposed merger; (7) legislative,
regulatory and economic developments; and (8) other factors described in TPC
Group's filings with the SEC. Many of the factors that will determine the
outcome of the subject matter of this communication are beyond the ability of
TPC Group to control or predict. TPC Group can give no assurance that the
conditions to the merger will be satisfied. Except as required by law, TPC
Group undertakes no obligation to revise or update any forward-looking
statement, or to make any other forward-looking statements, whether as a
result of new information, future events or otherwise. TPC Group is not
responsible for updating the information contained in this communication
beyond the published date, or for changes made to this communication by wire
services or Internet service providers.

CONTACT: For TPC Group

         Investor Relations
         Contact: Miguel Desdin
         Email: miguel.desdin@tpcgrp.com
         Phone: 713-627-7474
         -or-
         Contact: Scott Winter / Larry Miller
         Innisfree M&A Incorporated
         Phone: (212) 750-5833

         Media Inquiries
         Contact: Meaghan Repko / James Golden
         Joele Frank, Wilkinson Brimmer Katcher
         Phone: (212) 355-4449

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