InvoCare buyout by TPG most likely to proceed - brokerage

InvoCare

25/09/2023 20:21

** Brokerage Morningstar believes funeral services provider
InvoCare's  IVC.AX  takeover by U.S. fund manager TPG is nearly
certain to proceed despite cash proposal offered being "too
cheap"
    ** Morningstar says A$12.70 ($8.15) per share cash
consideration by TPG remains at 12% discount to their
stand-alone valuation of A$14.50 per share
    ** Brokerage makes no change to their A$12.70/shr fair value
estimate
    ** 5 of 5 analysts rate the stock "hold"; median PT A$11.45
– LSEG data
    ** IVC up 14.1% YTD, as of last close

 ($1 = 1.5576 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com))