InvoCare (ASX:IVC) receives unsolicited takeover offer from TPG

InvoCare (ASX:IVC) has received an unsolicited, preliminary, non-binding indicative offer from TPG Global to acquire 100% of the issued shares of InvoCare by way of scheme of arrangement.

Under the indicative proposal, InvoCare shareholders would receive $12.65 cash per InvoCare share, and the InvoCare Board has commenced an assessment of the offer.

TPG has also advised InvoCare it has acquired a ~17.8% interest in InvoCare via physical and derivatives ownership.

InvoCare is a leading provider of funeral services, private memorial parks and crematoria, and pet cremation services in Australia, New Zealand, and Singapore.

Following the announcement, shares of InvoCare were up 37%.