TPC Group merges with First Reserve and SK CapitalTPC Group recently announced that it has entered into a definitive merger agreement with First Reserve Corporation and SK Capital Partners.

The company is one of the leading fee-based processor and service providers of value-added products and First Reserve is a global investment firm that is catered toward the energy industry. SK Capital Partners is a private investment firm that aims to assist the chemicals sector.

"In late 2011, the Board of Directors formed a special committee in order to conduct a comprehensive review of the strategic and financial alternatives available to the Company," said Michael Ducey, non-executive chairman of the TPC Group Board of Directors. "Acting in consultation with our advisors, our Board of Directors determined that this transaction with First Reserve and SK Capital, two companies with strong reputations and proven records of successfully completing comparable transactions, appropriately recognizes the value of TPC Group's business and prospects and provides our stockholders with an immediate cash premium for their valued investment."

The transaction between the companies is valued at approximately $850 million, which includes net debt.

Hudson City Bancorp recently announced a merger with M&T Bank Corporation that is valued at approximately $3.7 billion. The deal will reportedly expand the premier banking community franchise in the eastern United States.
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