Australia's InvoCare turns down $1.20 billion bid from TPG; open to revised bid (updated)

InvoCare

26/03/2023 23:29

(Updates with details, background)
       March 27 (Reuters) - Funeral services provider InvoCare
Ltd  IVC.AX  on Monday said it has rejected a A$1.81 billion
($1.20 billion) offer from TPG Global, but noted it would be
willing to provide the U.S. private equity firm with due
diligence access if approached with a revised offer.
    "The Board has unanimously concluded that the Indicative
Proposal does not provide compelling value for InvoCare
shareholders," it said. InvoCare reiterated that its
shareholders should not take any action regarding the offer.
    TPG Global did not immediately respond to a Reuters request
for comment
    Earlier this month, InvoCare received A$12.65 per share
offer from TPG Global. The company's stock price has risen over
30% since. 
    TPG Global, a fund run by U.S. private equity giant TPG,
will be offered access to due diligence if it comes up with a
revised proposal worthy of the board's support, the company said
in a filing.    

($1 = 1.5053 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Cynthia Osterman)
 ((Rishav.Chatterjee@thomsonreuters.com;))