InvoCare is Australia’s largest funerals business with brands including Simplicity Funerals and White Lady Funerals.
Small shareholders at the annual meeting accused the board of selling out to private equity giant TPG too cheaply.
InvoCare chairman Bart Vogel concedes the bid came at a time of ‘temporary weakness’ in the share price.
He said if a new owner lifted prices sharply for funeral services the business would ‘lose market share in a flash’.
Disgruntled retail shareholders in Australia’s largest funerals group InvoCare have accused the board of folding too cheaply in giving the green light to the revised $1.9 billion buyout by US private equity giant TPG.
Investor Giles Edward told the annual meeting on Friday that opportunistic bids by private equity players with deep pockets had occurred frequently in Australia, and this was yet another example where loyal shareholders would likely miss out on long-term rewards.
