InvoCare says $1.8b TPG bid is too cheap
The board of Australia’s largest funerals company, InvoCare, declared a $1.8 billion buyout proposal from private equity group TPG isn’t high enough, but left open the possibility of granting the suitor full due diligence if it returned with an increased offer.
The InvoCare board led by chairman Bart Vogel said the $12.65-a-share proposal did not provide “compelling value”, as it offered TPG the chance to do some limited due diligence to glean non-public information which might contribute to an improved bid. InvoCare shares advanced slightly on the ASX on Monday, closing 1.2 per cent higher at $11.86, but are still 6.2 per cent below the indicative offer level of $12.65 a share.
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