Australia's InvoCare gets higher $1.3 bln offer from TPG Global (updated)

InvoCare

15/05/2023 01:26

(Adds details on revised offer, background)
       May 15 (Reuters) - Australia's InvoCare Ltd  IVC.AX 
said on Monday it had received a higher A$1.86 billion ($1.26
billion) offer from TPG Global, weeks after the private equity
firm revoked its A$1.81 billion pursuit for the funeral services
provider.
    TPG's revised all-cash offer of A$13.00 per share represents
a 17.2% premium to InvoCare's last closing price.
    Last month, TPG withdrew its buyout bid after it was not
granted access to the New South Wales-based company's books
following its A$12.65 per-share indicative offer — a 41.3%
premium at the time.
    InvoCare said on Monday it had agreed to provide TPG a
chance to undertake due diligence on an exclusive basis to
deliver a binding offer.
    The company intends to recommend TPG's latest offer to its
shareholders if it becomes a binding deal, InvoCare added. 

    ($1 = 1.4743 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; editing by Uttaresh
Venkateshwaran and Subhranshu Sahu)
 ((Himanshi.Akhand@thomsonreuters.com;))