TPC Group, which makes fuel, rubber and other products from petrochemicals, says has received a higher buyout offer than it has already accepted from a rival suitor. Its shares jumped more than 11 percent.
TPC Group Inc. said Monday that Innospec Inc. is proposing to buy its shares for between $44 and $46 per share. That would value TPC in a range of approximately $699.6 million to $731.4 million.
In August, TPC said that it had agreed to sell itself for $40 per share, or about $627 million, to First Reserve Corp. and SK Capital Partners. TPC currently has about 15.9 million outstanding shares, according to FactSet.
TPG Group shares rose $4.54, or 11.2 percent, to $45.21 in premarket trading.
The company said its board will evaluate Innospec's proposal and has authorized discussions and negotiations with the Littleton, Colo.-based company, which manufactures and markets fuel additives, personal care and fragrance products and other specialty chemicals.
TPC said its board says believes Innospec's bid will lead to a superior offer from First Reserve and SK Capital.
