Innospec Withdraws TPC Group Purchase, Saban Buys Partner In Israel: Merger and Acquisitions Update
In a Monday press release, President and Chief Executive Patrick Williams of Innospec (NASDAQ:IOSP) announced that the firm’s board of directors has notified their counterparts at TPC Group (NASDAQ:TPCG) that Innospec has withdrawn its proposal to purchase the company. Williams commented that, “We have spent a great deal of time and effort studying the TPC business, and while we still feel that it is a good fit with Innospec, we are unable to conclude a deal structure in a manner where we are totally satisfied with the value creation for our shareholders. As a result, we have reluctantly decided that it would be in our investors’ best interests to withdraw our proposal. Our acquisition strategy has always been focused on delivering shareholder value and we continue to pursue other opportunities which we hope will come to fruition in the coming months.”
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The American-Israeli media magnate Haim Saban purchases a controlling interest in Israel’s second-largest telecom operator, Partner Communications Company (NASDAQ:PTNR), so as to move into the bundled phone, Internet and television services market. For the stake, Saban Capital will pay the Israeli holding company Scailex Corp (SCIXF.PK) $65 million in cash and also assume a $300 million loan that Scailex owes to the Hong Kong conglomerate Hutchison Whampoa (HUWHF.PK), according to a statement from Scailex to the Tel Aviv Stock Exchange. The mobile phone industry in Israel was shaken up in 2012 by the entry by six new new operators.
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