Small cap specialist wants ‘full’ price for InvoCare from TPG
Marcus Burns blames central banks for the US banking crisis, and thinks TPG can afford to pay up to $13.50 for InvoCare.
TPG Capital’s bid for funerals provider InvoCare is opportunistic and straight from the private equity textbook of trying to buy a business cheaply after a period of heavy capital investment yet to flow through to profits, says Marcus Burns.
The Spheria Asset Management portfolio manager, who has oversight of four funds investing in small-to-mid cap Australian and international equities, says he would like InvoCare’s board to engage with TPG Capital over its $12.65 a share bid.
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