Australia’s InvoCare Ltd said on Monday it had received a higher A$1.86 billion ($1.26 billion) offer from TPG Global, weeks after the private equity firm revoked its A$1.81 billion pursuit for the funeral services provider.
TPG’s revised all-cash offer of A$13.00 per share represents a 17.2% premium to InvoCare’s last closing price.
Last month, TPG withdrew its buyout bid after it was not granted access to the New South Wales-based company’s books following its A$12.65 per-share indicative offer — a 41.3% premium at the time.
InvoCare said on Monday it had agreed to provide TPG a chance to undertake due diligence on an exclusive basis to deliver a binding offer.
The company intends to recommend TPG’s latest offer to its shareholders if it becomes a binding deal, InvoCare added.
($1 = 1.4743 Australian dollars)
Reuters