Australia's InvoCare receives $1.22 bln bid from PE firm TPG Global (updated)

InvoCare

06/03/2023 23:58

(Updates with details on proposal)
       March 7 (Reuters) - Australian funeral services provider
InvoCare Ltd  IVC.AX  said on Tuesday it received a non-binding
takeover offer from asset manager TPG Global LLC for A$1.81
billion ($1.22 billion).  
    The A$12.65 per share proposal, which is at a 41.3% premium
to the stock's last close, represents the first proposal in 2023
by a private equity firm amid increasing merger and acquisition
interest in Australia. 
    TPG Global has also acquired an about 17.8% interest in
InvoCare through a combination of physical ownership and
derivatives, the company said in a statement.
    InvoCare said it is supporting the proposal and had
commenced an assessment of the same. 
    The company reported last month that it swung to an annual
loss of A$1.8 million, from a profit of A$80.2 million a year
earlier. 
    
 ($1 = 1.4859 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru; Editing by Maju
Samuel and Rashmi Aich)
 ((Upasana.Singh@thomsonreuters.com;))