This week saw TPG pull its $1.8bn, $12.65 a share bid for funerals group IVC with the respective parties not appearing to be on the best of terms e.g. TPG wants a seat on the board to represent its 19.9% holding while the InvoCare board have claimed that TPG has refused to sign a “customary” confidential agreement to gain access to the company’s books – the bickering started on all levels not just on the more common price issue.
TPG has said they are committed to its pursuit of IVC while the board has made the traditional statement about considering any proposal which offers good value to shareholders.
- We believe that TPG remains interested and this deal could easily come back into play hence we like the risk/reward under $11
MM likes IVC under $11
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