Private equity giant TPG has returned with a slightly higher buyout bid for InvoCare, the largest funerals group in Australia.
The $13 per share proposal is likely to be recommended by the InvoCare board, provided there is no rival offer, and that an independent expert backs it.
The new proposal values InvoCare at $1.9 billion. InvoCare runs national brands White Lady Funerals and Simplicity Funerals, along with a host of state-based brands.
TPG made its original buyout proposal of $12.65 on March 7. It owns 19.98 per cent of InvoCare.
TPG Capital has returned with an improved $1.9 billion bid for InvoCare, the country’s largest funeral provider.
The private equity group’s new buyout proposal of $13 a share is high enough for it to be granted five weeks of due diligence. The InvoCare board signalled on Monday it would recommend the offer at that price, provided there was no higher bid, and it was backed by an independent expert.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
