TPC Group Announces HSR Clearance for Proposed Sale to First Reserve Corporation and SK Capital Partners

TPC Group

today announced that it has received early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to its proposed sale to affiliates of investment funds sponsored by First Reserve Corporation and SK Capital Partners. As previously announced on August 27, 2012, TPC Group has entered into a merger agreement with investment funds sponsored by First Reserve Corporation and SK Capital Partners. Under the terms of the agreement, TPC Group stockholders are eligible to receive $40.00 per share in cash for each share of TPC Group common stock that they own. The transaction is subject to the approval of TPC Group's stockholders, among other customary closing conditions, and is expected to close in the fourth quarter of 2012.