Innospec Inc. IOSP
has today announced that its Board of Directors has informed the Board of
Directors of TPC Group TPCG that Innospec has withdrawn its proposal to
acquire the company.
Patrick Williams, President and CEO said, "We have spent a great deal of time
and effort studying the TPC business, and, while we still feel that it is a
good fit with Innospec, we are unable to conclude a deal structure in a manner
where we are totally satisfied with the value creation for our shareholders.
As a result, we have reluctantly decided that it would be in our investors'
best interests to withdraw our proposal. Our acquisition strategy has always
been focused on delivering shareholder value, and we continue to pursue other
opportunities which we hope will come to fruition in the coming months."
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