TPG Global Seeks to Buy Funeral Home Operator InvoCare (1)

Australian funeral home operator InvoCare Ltd. has surged the most on record after receiving a takeover approach from TPG Global, LLC.

TPG offered to buy InvoCare at A$12.65 per share, valuing the Sydney based company at A$1.82 billion ($1.22 billion). Shares in the Australian firm closed 35% higher at A$12.08. TPG has already acquired a stake of about 17.8% via a combination of physical ownership and derivatives.

The unsolicited, preliminary and non-binding proposal was a 41% premium to Invocare’s A$8.95 closing share price on Monday. There is no certainty it will result in a deal. The company provides funeral ...