Australia's InvoCare tumbles after TPG withdraws $1.21 bln buyout bid

InvoCare

24/04/2023 02:02

** Shares of Australian funeral services provider InvoCare
Ltd  IVC.AX  drop as much as 15.7% to A$10.21, their biggest
intraday pct drop since March 25, 2020
    ** Co says U.S.-based private-equity firm TPG Global
withdrew its A$1.81 bln ($1.21 bln) buyout proposal for all
shares of IVC at A$12.65 apiece
    ** Says it had offered TPG access to limited, non-public
financial information on a non-exclusive basis for a revised
proposal
    ** TPG did not sign a customary confidentiality agreement to
access information nor provide InvoCare with a revised proposal
to consider - IVC
    ** Board had earlier said "indicative proposal did not
provide compelling value for shareholders"
    ** Stock hits its lowest since April 19
    ** IVC says willing to consider any proposal that represents
fair value in the interests of all shareholders
    ** Adds it will consider in due course TPG's request to
nominate Genevieve Gregor as a non-executive director at its
upcoming shareholder meeting 
    ** YTD, stock up 9.8%, as of last close


    ($1 = 1.4948 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))