As counsel for Plaintiffs, Saxena White filed suit on behalf of the shareholders of TPC Group, Inc., in relation to the proposed acquisition of TPC by private equity firms First Reserve Corp. and SK Capital Partners.  The suit alleged that chemical company TPC’s board of directors breached their fiduciary duties by agreeing to a sale of the company for an inadequate price and by failing to disclose to shareholders material information related to the sale of the company.  After the Plaintiffs conducted extensive discovery and filed a motion for preliminary injunction, the Defendants agreed to include substantial supplementary disclosures in the proxy, which provided shareholders with additional information regarding TPC’s financial advisor’s analysis of the deal and the sale process leading to the proposed transaction.

Additionally, because of the litigation efforts of Plaintiffs in arguing that the original $40 per share offer price submitted by the Buyers was inadequate, TPC was forced to negotiate a better deal with the Buyers.  TPC eventually negotiated an increased price of $45 per share, which resulted in TPC’s shareholders receiving approximately $79 million more in cash for their TPC shares than under the original offer.