One of the biggest gainers in an overall down market today was petrochemical producer, TPC Group Inc. (UNKNOWN:TPCG.DL), after it received a second M&A offer in less than a month and a half.  Innospec (NASDAQ:IOSP) reached out to TPC Group with an acquisition proposition involving an all-cash deal for $44-$46 per share. Upon hearing this news, investors quickly caught on, driving  the stock up 12.8% today from its Friday close of $40.67. Shares are now trading at the high end of the range provided by Innospec. 

The previous offer from an investment fund backed by First Reserve Corporation and SK Capital Partners was initiated at the end of August, but it was only for $40 per share. Based on language in the reply from TPC management, they have the right to back out if a Superior Proposal comes to the table from another suitor.  Based on the higher valuation and estimated synergies between TPC Group and Innospec, a producer of specialty chemicals used in fuel additives and consumer fragrances, the board of TPC Group has decided to move forward with its due diligence research. 

If a deal is reached, TPC Group would be acquired by Innospec for an estimated $700 million. 

Taylor Muckerman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.