Friday, April 12, 2024

Australia’s InvoCare Ltd shares jumped nearly 12% on Monday after it revealed a higher A$1.86 billion ($1.26 billion) offer from global private equity firm TPG had been tabled just weeks after it rejected a lower bid it said undervalued the funeral services provider. Shares of InvoCare rose to A$12.36 by 0424 GMT, outperforming the broader Australian market which was up just 0.07% in the afternoon session. TPG tabled an all cash $A13 per share offer which was 2.7% above its previous $A12.65 bid which had been rejected by InvoCare’s board. Australia is emerging as a deals hotspot in the Asian region where dollmaking activity remains subdued. InvoCare’s transaction was the third $1 billion plus corporate buyout in Australia announced on Monday, after Newcrest said it had agreed terms with Newmont Corporation $17.8 billion takeover. Aristocrat Leisure said it would spend $1 billion buying the Nasdaq-listed software firm NeoGames S.A..

The A$13 per Share Offer Represents a 17.2% Premium to InvoCare’s.

last closing price, and is inclusive of a special dividend of up to about 60 Australian cents per share. TPG is InvoCare’s largest shareholder, holding about 19.2% stake in the company. InvoCare said TPG was considering creating a scrip option for investors to roll over some of their shareholding into a privatised InvoCare. 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 a five-week due diligence on an exclusive basis to deliver a binding offer. The company intends to recommend shareholders vote in favour of TPG’s latest offer if it becomes a binding deal, InvoCare added.


Leave a Comment


कोरोना की वजह से देश का लक्जरी कार बाजार 5-7 साल पीछे हुआ
RELIANCE आज पेश करेगा अपने Q4 नतीजे
Dollar Consolidates, Still in Demand
Taiwan October Export orders Likely contracted Again, But at Slower Pace- Raeuters Poll
शेयर बाजार में गिरावट का दिन, सेंसेक्स-निफ्टी नुकसान में
Sensex 1,500 अंक तक गिरा, Nifty भी लुढ़ककर 17,000 के नीचे आया
Gold Silver Price: आज सोना हुआ सस्ता और चांदी हुई महंगी, ज्वैलरी बाजार में ये रहा सोने का रेट
महिलाओं की दिलचस्पी ऑनलाइन ट्रेडिंग बाज़ार (FX & CFD’s) में क्यों बढ़ने लगी?
इंडोनेशिया ने बढ़ाई भारत की मुश्किलें, अभी 10 फीसदी और महंगा होगा खाने का तेल
Petrol Diesel Price: 18 दिन बाद महंगा हुआ डीजल
Share Price में हेराफेरी! SEBI ने 85 कंपनियों को शेयर मार्केट से ट्रेडिंग पर लगाया बैन
Delhi Property Tax Rates Likely To Go Up Marginally