San Diego, CA -- (SBWIRE) -- 08/29/2012 -- An investigation on behalf of investors in TPC Group Inc (NASDAQ:TPCG) shares was announced concerning whether the offer by investment funds sponsored by First Reserve Corporation and SK Capital Partners to acquire TPC Group Inc for $40.00 per NASDAQ:TPCG share and the takeover process are unfair to investors in NASDAQ:TPCG shares.
Investors who purchased shares of the TPC Group Inc (NASDAQ:TPCG) prior to August 27, 2012, and currently hold any of those NASDAQ:TPCG shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of the NASDAQ:TPCG breached their fiduciary duties owed to NASDAQ:TPCG investors in connection with the proposed acquisition.
On August 27, 2012, TPC Group Inc (NASDAQ: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, shares of TPC Group Inc (NASDAQ:TPCG) traded as recently as March 16, 2012, as high as $47.03 per share, thus well above the current offer. In addition, NASDAQ:TPCG shares rose in open market during August 27, 2012, to as high as $40.37 per share, thus also above the current offer.
Therefore, the investigation a law firm concerns whether the proposed transaction is unfair to TPC Group Inc (NASDAQ:TPCG stockholders. Specifically, given that 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, the investigation focuses on whether the TPC Group Inc (NASDAQ:TPCG Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
In fact, TPC Group’s financial performance improved over recent years. Its 12months Total Revenue rose from over $1.37 billion for the 12months period that ended on June 30, 2009, to over $2.75 billion for the 12months period that ended on December 31, 2011 and its Net Loss of $22.78 million for the 12months period that ended on June 30, 2009, turned into a Net Income of $36.70 million for the 12months period that ended on December 31, 2011. Additionally, shares of TPC Group Inc (NASDAQ:TPCG) grew in recent years at an exceptional growth rate. NASDAQ:TPCG shares grew from as low as $15.55 per share in July 2010 to as high as $47.03 per share in March 16, 2012.
Those who are current investors in TPC Group Inc (NASDAQ:TPCG) and purchased their TPC Group Inc shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego