Newman Ferrara LLP Announces
Investigation of TPC Group Inc.
Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of TPC Group Inc. ("TPC Group") (Nasdaq: TPCG) concerning the proposed acquisition of TPC Group by private investment firms First Reserve Corporation and SK Capital Partners.
On August 27, 2012, TPC Group announced that it had entered into a definitive merger agreement to be acquired by First Reserve Corporation and SK Capital Partners. Under the merger agreement, TPC Group shareholders will receive $40.00 per share in cash for each share of TPC Group common stock owned. To generate shareholder approval for the proposed merger, TPC Group has touted that the deal offers TPC Group's shareholders a 20% premium to TPC Group's trading price on July 24, 2012, the last trading day prior to media reports of a possible acquisition of TPC Group. However, in addition to trading at above the offer price at $40.01 per share as recently as August 23, 2012, TPC Group common stock consistently traded at above $40.00 per share prior to those cited July 24 media reports and has reached a 52-week trading high of $47.61 per share, well above the proposed offer price.
TPC Group's Board of Directors has unanimously approved the proposed merger which, subject to shareholder approval, is expected to close in the fourth quarter of 2012. Upon completion of the merger, TPC Group will become a privately held company.
Newman Ferrara LLP's investigation concerns whether TPC Group's Board of Directors has breached its fiduciary duties to act in the best interests of TPC Group's shareholders and to take all necessary steps to ensure that TPC Group's shareholders receive the maximum value readily available for their shares of TPC Group common stock.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or rshimon@nfllp.com to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com .
CONTACT:
Newman Ferrara LLP
Attorney:
Roy Shimon
1250 Broadway, 27th Fl.
New York, NY 10001
Tel. 212.619.5400