IVC +12.08%: Rallied today after Private Equity firm TPG Capital came back to the table with a $13 bid for the funeral provider, which now has the boards support. It seems like both parties had a bit to lose here and some middle ground was found. No doubt IVC would have been shopping around for a higher price (first bid was $12.65) but clearly, given the +2.8% premium versus the initial tilt that ‘undervalued’ them , they had no luck. TPG already owned 19.9% of IVC, so they wanted something to happen. As they say, if you can find a horse called self-interest, back it! We thought a deal was likely – as discussed here – and that has now played out.
MM is now neutral IVC
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