TPG Global's $1.2 bln bid for Australia's InvoCare falls through (updated)

InvoCare

24/04/2023 01:02

(Adds details on due diligence)
       April 24 (Reuters) - Australian funeral services
provider InvoCare  IVC.AX  said on Monday that U.S.-based
private equity firm TPG Global had withdrawn its A$1.81 billion
($1.21 billion) buyout bid for the company after it did not
grant TPG due diligence.
    The A$12.65 per share indicative offer from TPG was deemed
by InvoCare's board to "not provide compelling value for
shareholders," despite the 41.3% premium at the time of the
offer. 
        InvoCare had previously said it was 
    open to granting
     TPG access to its books if it came back with a better
offer, with some 
    analysts
     fairly confident a deal would materialise. 
  
        TPG did have access to some limited, non-public
financial information to help it rethink its bid price, InvoCare
said. 
  
        TPG Global did not immediately respond to a Reuters
request to comment. 
  
        The firm currently holds about 19.2% of InvoCare's
shares, according to Refinitiv data.
  

($1 = 1.4941 Australian dollars)

 (Reporting by Harshita Swaminathan; Editing by Christian
Schmollinger)
 ((Harshita.Swaminathan@thomsonreuters.com;))