Private equity group TPG Capital has resurrected its deal to acquire Australia’s largest funerals group Invocare, with a slightly improved AUD13 per share bid, which equates to an equity value of AUD1.9 billion and an enterprise value of AUD2.2 billion, according to a report by the Financial Review.
Private equity group TPG Capital has resurrected its deal to acquire Australia’s largest funerals group Invocare, with a slightly improved AUD13 per share bid, which equates to an equity value of AUD1.9 billion and an enterprise value of AUD2.2 billion, according to a report by the Financial Review.
The new bid is high enough to have secured TPG five weeks of due diligence, with the InvoCare board signalling on Monday that it would recommend the offer at that revised price, provided there was no superior proposal, and that an independent expert report backed it also received the backing of an independent expert.
TPG is in aloe position to acquire the business as it already holds a 19.987 stake in InvoCare which operates several national brands including White Lady Funerals and Simplicity Funerals, as well as several state-based brands such as
Le Pine in Victoria, George Hartnett Metropolitan in Queensland, Lester and Son in NSW, and Blackwell Funerals in South Australia.
