Stephen Simpson, CFA
Stephen Simpson, CFA
Tue, Apr. 5, 10:59 AM
- Chemtura (CHMT +2.8%) is upgraded to Overweight from Sector Weight at Keybanc Capital, which expects the company to benefit from higher bromine prices, improved manufacturing costs and a positive price/cost spread, and that margins in the petroleum additives business may hold up better than anticipated.
- The firm thinks low growth opportunities in the end markets, robust balance sheets and low financing costs are triggering M&A activity in the specialty chemicals sector, and that CHMT and Innospec (IOSP +5.2%) could be buyers or sellers, and the two companies “should consider combining.”
- M&A is a potential catalyst for both names, and "there are merits to the two linking up, strategically amassing greater collective scale and reorienting their combined portfolio toward more attractive end markets,” Keybanc says.
Oct. 1, 2014, 8:44 AM
- Innospec (NASDAQ:IOSP) agrees to acquire oil and gas services company Independence Oilfield Chemicals from CSL Capital Management; after an initial $100M payment, remaining payments are performance related and payable over the next two years.
- Houston-based IOC has current sales of ~$150M/year and has assets based in the Eagleford, Bakken, Barnett, Niobrara and Marcellus basins.
Dec. 3, 2012, 9:14 AM
Chemical maker TPC Group (TPCG) -6.4% premarket after Innospec (IOSP) says it is withdrawing its takeover proposal. A bidding war looked to have been brewing, as IOSP's $47.50/share offer last month trumped an earlier $45 bid from P-E firms First Reserve and SK Capital Partners.| Dec. 3, 2012, 9:14 AM
Nov. 19, 2012, 3:24 PM
First Reserve and SK Capital believe their $45/share offer for chemical maker TPC Group (TPCG) fairly values the company, and they intend to close the deal by Christmas, Reuters reports. Innospec (IOSP) raised its proposed bid for TPC to $47.50/share last week, but it may be unable to close a deal this year; at least two major shareholders say $45/share isn't enough.| Nov. 19, 2012, 3:24 PM
Nov. 15, 2012, 8:24 AM
Chemical maker Innospec (IOSP) raises its bid for TPC Group (TPCG) to $47.50/share, aiming to fend off a rival offer from P-E firms First Reserve and SK Capital. IOSP's earlier proposal was $44-$46. The offer continues to be supported by funds affiliated with Blackstone (BX), which will provide equity financing for the deal. TPCG +3.8% premarket.| Nov. 15, 2012, 8:24 AM
Nov. 8, 2012, 12:51 PM
Nov. 8, 2012, 8:30 AM
TPC Group (TPCG +3.7% to $46.52) has become the subject of a bidding war as P-E firms First Reserve and SK Capital Partners increase their combined offer by $5 to $45, valuing the chemicals maker at $705.5M. TPC recommends the proposal and breaks off talks with Innospec (IOSP), which last month bid $44-$46/share. TPC shares have climbed almost 12% since the P-E firms' first bid in August. (PR)| Nov. 8, 2012, 8:30 AM
Oct. 8, 2012, 7:52 AM
TPC Group (TPCG) receives a non-binding all-cash purchase offer of $44-46/share from Innospec (IOSP) and Blackstone (BX). The board continues to recommend August's $40 buyout offer from First Reserve and SK Capital, but expects Innospec's play to eventually be the Superior Proposal. (PR)| Oct. 8, 2012, 7:52 AM