TPC Group (TPCG +3.7% to $46.52) has become the subject of a bidding war as P-E firms First...

|By:, SA News Editor

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)