WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of TPC Group Inc. (“TPC” or the “Company”) (NASDAQ CM: TPCG) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s receipt of a proposal to be acquired by Innospec Inc. (“Innospec”) (NASDAQ GS: IOSP) in a transaction valued at approximately $721 million.
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Under the terms of the proposal, public shareholders of TPC will receive $44.00 to $46.00 per share in cash for each share of TPC they own.
The investigation concerns the Company’s board of directors’ process for consideration of the proposed transaction, whether TPC is acting in its shareholders’ best interests and whether the proposed consideration to be paid to TPC’s shareholders would be fair and adequate. Prior to receipt of this proposal, on August 27, 2012, the Company entered into an agreement to be acquired by First Reserve Corporation and SK Capital Partners. Under the terms of the August 27, 2012 proposal, public shareholders of TPC would receive $40.00 per share in cash for each share of TPC owned. Further, according to Yahoo! Finance, at least one analyst has set a price target for TPC stock at $55.00 per share.
If you own the common stock of TPC and purchased your shares before October 8, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/tpc-group-inc-tpcg-innospec.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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Source: Rigrodsky & Long, P.A.