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

InvoCare

15/05/2023 06:44

(Updates with Comments from Morningstar and share moves)
    ** Shares of funeral services provider InvoCare Ltd  IVC.AX 
climb as much as 12.3% to A$12.455, highest since May 2022 
    ** Stock set for best day since March 7 and is the top
gainer on benchmark index  .AXJO 
    ** 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
    ** Analyst at Morningstar say the bid still undervalues IVC
on a stand-alone basis, and TPG appears to be capitalising on
share price weakness following disappointing 2022 results
    ** Last month, TPG withdrew its buyout bid after it was not
granted access to co's books
    ** As of last close, IVC stock up 0.5% this year

    

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