Australia's InvoCare tops ASX 200 on higher takeover bid from TPG

InvoCare

15/05/2023 02:18

** Shares of funeral services provider InvoCare Ltd  IVC.AX 
climb as much as 12.2% to A$12.44, set for their best day since
March 7, if gains hold
    ** Co receives a higher A$1.86 bln ($1.26 bln) offer from
TPG Global
    ** The revised all-cash offer of A$13.00 per share
represents a 17.2% premium to InvoCare's last closing price
    ** IVC agrees to provide TPG a chance to undertake a
five-week due diligence on an exclusive basis to deliver a
binding offer
    ** Last month, TPG withdrew its buyout bid after it was not
granted access to co's books
    ** IVC stock is top gainer on benchmark index  .AXJO 
    ** As of last close, stock up 0.5% this year

    

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