IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> has entered a SID with TPG at A$12.70 per share, a modest -2.3% discount to the previous non-binding offer of A$13.00 per share.</li>
<li>The price cut was justified by a trading update which noted a challenging near-term macro-environment and softening in market volumes. The median peers’ share prices have also derated.</li>
<li>The offer requires shareholder, FIRB and OIO approval. At the last close and for the end of November payment, the gross and annualised spread is 1.8% and 5.7%, respectively. </li>
</ul>



Invocare Ltd (IVC AU) has entered a SID with TPG at A$12.70 per share, a modest -2.3% discount to the previous non-binding offer of A$13.00 per share.
The price cut was justified by a trading update which noted a challenging near-term macro-environment and softening in market volumes. The median peers’ share prices have also derated.
The offer requires shareholder, FIRB and OIO approval. At the last close and for the end of November payment, the gross and annualised spread is 1.8% and 5.7%, respectively. 


InvoCare (IVC AU): TPG’s Binding Proposal at A$12.70

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> disclosed a revised non-binding indicative proposal from TPG at A$13.00 per share, a mere 2.8% above the previously rejected proposal of A$12.65 per share.</li>
<li>
<a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a> has secured a five-week exclusive due diligence. The Board intend to unanimously recommend a binding proposal at no less than A$13.00 per share. </li>
<li>The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. The gross spread stands at 4.6%. </li>
</ul>



Invocare Ltd (IVC AU) disclosed a revised non-binding indicative proposal from TPG at A$13.00 per share, a mere 2.8% above the previously rejected proposal of A$12.65 per share.

TPG Inc (TPG US) has secured a five-week exclusive due diligence. The Board intend to unanimously recommend a binding proposal at no less than A$13.00 per share. 
The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. The gross spread stands at 4.6%. 


InvoCare (IVC AU): Board Capitulates to TPG’s Small Bump

<ul>
<li>
<a href="https://www.afr.com/street-talk/pe-buyer-chases-invocare-stake-ubs-runs-raid-20230306-p5cpvl" target="_blank" rel="noopener">AFR reports</a> that TPG Capital, through UBS, is seeking to acquire 14.4m or 10.00% of <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>'s outstanding shares at A$12.65, a 41.3% premium to the undisturbed price.</li>
<li>If the aftermarket raid is successful, TPG will follow the tried-and-test private equity playbook of securing a pre-bid stake before lobbing a non-binding offer at A$12.65 per share</li>
<li>TPG has timed its move to take advantage of the post-results price slump. While not a knockout offer, it is a starting point for the Board to secure better terms.</li>
</ul>



AFR reports that TPG Capital, through UBS, is seeking to acquire 14.4m or 10.00% of Invocare Ltd (IVC AU)'s outstanding shares at A$12.65, a 41.3% premium to the undisturbed price.
If the aftermarket raid is successful, TPG will follow the tried-and-test private equity playbook of securing a pre-bid stake before lobbing a non-binding offer at A$12.65 per share
TPG has timed its move to take advantage of the post-results price slump. While not a knockout offer, it is a starting point for the Board to secure better terms.


InvoCare (IVC AU): TPG Capital Makes a Move

United States

Carriage Services, Inc. operates funeral homes and cemeteries in the United States.  The Company provides a complete range of services relating to funerals, burials, and cremations.  Carriage also sells related products and merchandise such as caskets, burial vaults, garments, and memorials.

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Carriage Services (CSV US)

InvoCare (IVC AU): TPG’s Binding Proposal at A$12.70

Despite the price cut, the offer is attractive in the context of challenging trading and derating of peers. At the last close and for the end of...

Arun George

InvoCare (IVC AU): Board Capitulates to TPG’s Small Bump

The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. At the last close,...

Arun George

InvoCare (IVC AU): TPG Capital Makes a Move

TPG is seeking a 10% pre-bid stake and will subsequently lob a non-binding offer at A$12.65. While not a knockout offer, it is a good starting...

Arun George

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