TPG Global's US$1.2bil bid for Australia's InvoCare falls through

FILE PHOTO: A board displaying stock prices is seen at the Australian Securities Exchange (ASX) in Sydney, Australia, Feb. 9, 2018. REUTERS/David Gray/File Photo

AUSTRALIAN funeral services provider InvoCare said on Monday that U.S.-based private equity firm TPG Global had withdrawn its A$1.81 billion ($1.21 billion) buyout bid for the company after it did not grant TPG due diligence.

The A$12.65 per share indicative offer from TPG was deemed by InvoCare's board to "not provide compelling value for shareholders," despite the 41.3% premium at the time of the offer.