Australia's InvoCare backs revised $1.2 bln buyout offer from TPG (updated)

InvoCare

09/08/2023 01:33

(Recasts paragraph 1, adds details in paragraphs 2 and 3,
background in paragraphs 4 and 5)
       Aug 9 (Reuters) - InvoCare Ltd  IVC.AX  on Wednesday
backed a lower takeover offer from private-equity firm TPG
Global, valuing the Australian funeral service provider at A$1.8
billion ($1.18 billion) following exclusive due diligence.     
    TPG tabled an all-cash offer of A$12.70 per share, below its
previous A$13 bid for the Australian company.
    InvoCare's board unanimously recommended its shareholders to
vote in favour of the revised proposal. 
    TPG did not immediately respond to a Reuters' request for
comment.
    The private-equity firm, which holds about a 19.2% stake in
InvoCare and is its largest shareholder, had first approached
the New South Wales-based company in March with a A$12.65 per
share offer. 
        In May, InvoCare received the A$13 apiece bid from TPG
and had agreed to a five-week due diligence on an exclusive
basis to deliver a binding offer.
    
     ($1 = 1.5309 Australian dollars)

 (Reporting by Rishav Chatterjee and Upasana Singh in Bengaluru;
Editing by Sherry Jacob-Phillips)
 ((Rishav.Chatterjee@thomsonreuters.com;))