"It seemed as though Propel Funeral Partners Ltd (ASX: PFP) was going to acquire all the shares of Norwood Park Limited, but InvoCare Limited (ASX: IVC) may have just trumped the newly-listed company.
Late on Tuesday afternoon InvoCare announced that it had put in a takeover offer for all the issues shares of Norwood Park. InvoCare is offering $65.29 in cash for each ordinary share of Norwood Park.
InvoCare said that the offer had been made after several months of discussions between the parties. The offer price represents a 10% premium to the $59.35 per share offered by Propel Funeral Partners.
InvoCare has also sought confirmation from the ACCC that it won’t seek to intervene with the proposed acquisition. The ACCC will contact a public informal merger review and a decision is expected by March.