Australia’s InvoCare turns down $1.20 billion bid from TPG; open to revised bid

Updates with details, background

March 27 (Reuters) – Funeral services provider InvoCare Ltd IVC.AX on Monday said it has rejected a A$1.81 billion ($1.20 billion) offer from TPG Global, but noted it would be willing to provide the U.S. private equity firm with due diligence access if approached with a revised offer.

“The Board has unanimously concluded that the Indicative Proposal does not provide compelling value for InvoCare shareholders,” it said. InvoCare reiterated that its shareholders should not take any action regarding the offer.

TPG Global did not immediately respond to a Reuters request for comment

Earlier this month, InvoCare received A$12.65 per share offer from TPG Global. The company’s stock price has risen over 30% since.

TPG Global, a fund run by U.S. private equity giant TPG, will be offered access to due diligence if it comes up with a revised proposal worthy of the board’s support, the company said in a filing.

($1 = 1.5053 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Cynthia Osterman)

((Rishav.Chatterjee@thomsonreuters.com;))

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