Oct 8 (Reuters) - TPC Group Inc :
* Sandell Asset Management'S concern regarding TPC Group validated by Innospec
bid
Sandell Asset Management Corp., owner of approximately 7.0% of TPC Group Inc. (Nasdaq: TPCG), announced today that the $44-46 bid for TPCG received from Innospec Inc. and Blackstone Capital Partners confirmed its view that the existing $40 transaction with First Reserve Corporation and SK Capital Partners was grossly inadequate and that there was significant untapped strategic and financial buyer interest in the company.
"We are pleased that the TPCG Board recognizes the new bid as likely to lead to a Superior Proposal and is commencing negotiations," said Tom Sandell, Chairman of Sandell Asset Management. "We urge TPCG to abandon the First Reserve deal, pursue the Innospec bid and solicit interest from other potential buyers in a full-blown auction to ensure that shareholder value is maximized."
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