San Diego, CA -- (ReleaseWire) -- 09/12/2012 -- An investor in shares of TPC Group Inc (NASDAQ:TPCG) filed a lawsuit against directors in effort to block the proposed takeover of TPC Group Inc for $40.00 per NASDAQ:TPCG share.
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 plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:TPCG stockholders arising out of the attempt to sell the company via an unfair process at an unfair price.
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, the plaintiff alleges that the $40offer undervalues the company and is fundamentally unfair to NASDAQ:TPCG investors as it only offers a meager premium. In fact, for certain TPCG stockholders the offer represents a discount. Indeed, 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.
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 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