In today’s briefing:
- InvoCare (IVC AU): TPG’s A$12.65/Share NBIO
- InvoCare (IVC AU): TPG’s Non-Binding Offer
- Ventia Services Group Placement – Well-Flagged and Coming off Escrow
InvoCare (IVC AU): TPG’s A$12.65/Share NBIO
- Invocare Ltd (IVC AU) has received an unsolicited, preliminary, non-binding indicative offer from TPG Global to acquire the company at A$12.65/share in cash.
- TPG has also acquired 17.8% of the shares in Invocare Ltd (IVC AU) via a combination of stock and derivatives.
- With the company now in play, there could be competing offers. Already owning 17.8% of the company, TPG is now invested in ensuring they gain control.
InvoCare (IVC AU): TPG’s Non-Binding Offer
- PE outfit TPG has taken a 17.8% stake in InvoCare Ltd (IVC AU), Australia’s leading funeral services provider, and also pitched a A$12.65/share non-binding indicative Offer via a Scheme.
- The Indicative proposal is subject to the completion of satisfactory due diligence, and FIRB.
- InvoCare, which has struggled to generate consistent profits in recent years, is mulling the proposal. Pricing is around the Covid cliff.
Ventia Services Group Placement – Well-Flagged and Coming off Escrow
- Ventia (VNT AU)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$272m via a secondary block deal.
- The deal is a relatively large one to digest at 77 days of three month ADV and about 19.5% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
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