Funeral service provider InvoCare (ASX:IVC) has rejected an unsolicited, non-binding indicative bid from private investment firm TPG to acquire the company's total issued capital for $12.65 per share.
TPG already has an interest in 19.9% of the InvoCare shares on issue via a combination of physical ownership and derivatives.
InvoCare's board has deemed the offer as not providing enough value for shareholders and will not grant TPG full due diligence access, but has offered access to limited non-public financial information to prepare a revised proposal.
InvoCare's share price is up 1.54% at midday AEST.