(Reuters) – InvoCare Ltd on Wednesday backed a lower takeover offer from private-equity firm TPG Global, valuing the Australian funeral service provider at A$1.8 billion ($1.18 billion) following exclusive due diligence.
TPG tabled an all-cash offer of A$12.70 per share, below its previous A$13 bid for the Australian company.
InvoCare’s board unanimously recommended its shareholders to vote in favour of the revised proposal.
TPG did not immediately respond to a Reuters’ request for comment.
The private-equity firm, which holds about a 19.2% stake in InvoCare and is its largest shareholder, had first approached the New South Wales-based company in March with a A$12.65 per share offer.
In May, InvoCare received the A$13 apiece bid from TPG and had agreed to a five-week due diligence on an exclusive basis to deliver a binding offer.
($1 = 1.5309 Australian dollars)
(Reporting by Rishav Chatterjee and Upasana Singh in Bengaluru; Editing by Sherry Jacob-Phillips)
