The Shareholders Foundation, Inc. announces that an investor filed a lawsuit for current stockholders of TPC Group Inc (TPCG) against certain directors of TPC Group Inc in effort to stop the proposed takeover of TPC Group Inc at $40.00 per share.
Investors who purchased shares of TPC Group Inc (TPCG) prior to August 27, 2012 and currently hold any of those TPCG shares, have certain options and should contact the Shareholders Foundation, Inc. at [email protected] or call +1 (858) 779-1554.
On August 27, 2012, TPC Group Inc (TPCG) announced that it has entered into a merger agreement with investment funds sponsored by First Reserve Corporation and SK Capital Partners. Under the terms of the merger agreement, TPC Group stockholders will receive $40.00 per share in cash for each share of TPC Group common stock that they own.
However, the plaintiff alleges that the offer undervalues the company and is fundamentally unfair to TPCG investors. In fact, for certain TPCG stockholders the offer represents a discount since shares of TPC Group Inc (TPCG) traded as recently as March 16, 2012, as high as $47.03 per share; thus well above the current offer. In addition, TPCG shares rose in open market during August 27, 2012, to as high as $40.37 per share, thus also above the current offer.
Furthermore, so the plaintiff, the process is also unfair to TPCG stockholders. Indeed, certain stockholders of TPC Group Inc representing approximately 22 percent of TPC Group's outstanding shares have already entered into agreements to vote in favor of the transaction.
Those who currently are investors in TPC Group Inc shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554
