TPC Group Inc.

Robbins Umeda LLP Announces an Investigation of TPC Group Inc.

Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of TPC Group Inc. (NASDAQ: TPCG) in connection with their efforts to sell the company to First Reserve Corporation and SK Capital Partners.  Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly.  You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.

On August 27, 2012, TPC announced that it had entered into a definitive merger agreement to be acquired by First Reserve Corporation and SK Capital Partners.  According to the terms of the deal, the First Reserve and SK Capital will acquire TPC through an all cash transaction. Pursuant to the agreement, TPC shareholders will receive $40 in cash for each share of the company they own, just a one percent premium over the stock’s closing price on Friday, August 24, 2012.  The transaction is expected to close in the fourth quarter of 2012.

Robbins Umeda LLP’s investigation focuses on whether the board of directors at TPC is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. For example, on August 2, 2012, TPC reported financial results for the second quarter of 2012 that exceeded analyst projections.  Specifically, TPC reported earnings per share of $0.21, which beat the consensus analyst estimates of $0.165.  In addition, at least one leading market analyst has released a target price that values TPC stock at $55 per share, significantly higher than the $40 being offered in the acquisition.  It should also be noted that TPC traded as high as $47.61 in March 2012 and $40.01 on August 23, 2012, and closed at $40.20 as recently as August 20, 2012.

Given these financial results, high target price set for TPC, and the recent trending of the stock’s value, Robbins Umeda LLP is examining the board’s decision to sell TPC now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects. 

Robbins Umeda LLP attorneys highlight that TPC shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

 

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