Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

TPC Group, Directors Sued By Investor Over Takeover Offer

TPC Group Inc. and its directors were sued by an investor claiming a planned $628 million buyout by private-equity firms is too low. He asked a state judge to block the $40 per-share deal.

The offer for the Houston-based chemical maker “is fundamentally unfair” to common stockholders, offering “a mere 1 percent premium,” shareholder-trustee Alvin Smilow contends in a Delaware Chancery Court complaint filed today.

The case was filed a week after Thomas E. Sandal, chief executive officer of Sandell Asset Management Corp. -- TPC’s third-largest shareholder with a 7 percent stake -- called the offer an “outrage” and well below a $57-per-share potential in a year.

TPC, formerly known as Texas Petrochemicals Inc., is the largest producer of butadiene, used to make synthetic rubber. TPC on Aug. 27 announced the agreement with suitors First Reserve Corp. based in Greenwich, Connecticut, and SK Capital Partners of New York.

A TPC outside spokeswoman, Meaghan Repko of the Joele Frank, Wilkinson Brimmer Katcher firm, said in a phone interview that the company had no comment on the lawsuit.

TPC rose 83 cents, or 2 percent, to $41.86 in trading in New York at 4:30 p.m.

The case is Smilow v. TPC Group, CA7829, Delaware Chancery Court (Wilmington).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.