TPC Group in Bidding War, SandRidge Energy Spikes On Chatter: Mergers and Acquisitions Wrap

Expectations of a possible divestiture of a large servicing block by Bank of America Corporation (NYSE:BAC) prompts Sterne Agee to upgrade shares of Nationstar Mortgage Holdings (NYSE:NSM) to its Catalyst Buy list, remarking that, “Another large trophy portfolio up for sale this soon would come as a surprise to investors.”

Chemicals producer TPC Group (NASDAQ:TPCG) is currently the target of a bidding war as private equity companies First Reserve and SK Capital Partners boost their combined offer to $45, valuing the former at $705.5 million. TPC recommends the deal and cancels discussions with Innospec (NASDAQ:IOSP), which bid $44 to $46 per share in October.

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Shares of SandRidge Energy (NYSE:SD) spiked following the receipt of a letter from TPG-Axon calling for a shakeup of its board, Chief Executive Tom Ward to step down, and the firm’s potential sale. Further, the letter said that fair value for shares is between $12 and $14 along with “significantly greater upside possible through a strategic sale or sensible development of assets.”

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