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Shares of InvoCare rose 11.5% to A$12.36 by 0050 GMT, while the broader market was up 1.4%.
TPG’s revised all-cash offer of A$13.00 per share represents a 17.2% premium to InvoCare’s last closing price, and is inclusive of a special dividend of up to about 60 Australian cents per share.
TPG is InvoCare’s largest shareholder, holding about 19.2% stake in the company.
Last month, TPG withdrew its buyout bid after it was not granted access to the New South Wales-based company’s books following its A$12.65 per-share indicative offer — a 41.3% premium at the time.
InvoCare said on Monday it had agreed to provide TPG a chance to undertake a five-week due diligence on an exclusive basis to deliver a binding offer.
The company intends to recommend shareholders vote in favour of TPG’s latest offer if it becomes a binding deal, InvoCare added.
($1 = 1.4743 Australian dollars)
