Australia's InvoCare eyes record gains on $1.22 bln takeover offer

InvoCare

07/03/2023 03:05

(Updates with comments from Morningstar)
    ** Shares of funeral services provider InvoCare Ltd  IVC.AX 
surge as much as 39.1% to A$12.450 - set for best day, if
current gains hold
    ** IVC top gainer on ASX 200 benchmark index  .AXJO 
    ** Co receives a non-binding takeover offer from asset
manager TPG Global LLC for A$1.81 bln ($1.22 bln)
    ** Offer price of A$12.65 per share represents a 41.3%
premium to the stock's last close
    ** Morningstar says the offer is 'too cheap' and is below
its fair value estimate of A$14.50 
        ** TPG is looking to capitalise on share price weakness
following relatively disappointing 2022 results - Morningstar
        ** Shares hit their highest since May 18, 2022
    ** More than 3.6 mln shares change hands, 9.8 times the
30-day average of 366,194 shares
    ** As of last close, stock down 18.9% this year

 (Reporting by Himanshi Akhand and Navya Mittal in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))