Why it matters: InvoCare is the country’s biggest funerals and cremations group
Shareholders will vote on whether to accept a $12.70 per share bid in October
TPG made the offer despite a challenging economic outlook and softer activity
Private equity group TPG has won out in its five-month pursuit of InvoCare, after the board of Australia’s biggest funerals and crematoria operator endorsed a trimmed back offer of $1.8 billion.
TPG’s revised $12.70 a share offer price is only marginally above an original $12.65 a share proposal made in March which the InvoCare board rejected at the time because it said that offer did not provide value for shareholders.
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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
