Macquarie lifts PT on InvoCare on expectations of higher bid than TPG's

InvoCare

12/04/2023 01:01

** Australian funeral services provider InvoCare  IVC.AX  in
late-March had knocked down A$1.81 billion ($1.20 billion)
buyout bid from U.S. private equity firm TPG Global 
    ** Analysts at Macquarie say co's move to give limited book
access to the U.S. private equity is an attempt to try to
formulate a higher bid
    ** Brokerage lifts PT by 23% to A$12.65/share, in line with
the offer price, as it feels a new deal could materialise around
this price
    ** Says there is a potential for higher bid from TPG, which
will act as a catalyst for co
    ** Stock has risen 7.3% this year, as of last close 

($1 = 1.5033 Australian dollars)

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