InvoCare board backs $1.8b TPG takeover offer

The News: The board of funerals group InvoCare has unanimously recommended shareholders support a $1.8 billion takeover offer from TPG Capital.

The numbers: Under the deal, InvoCare shareholders will receive $12.70 per share, including a fully franked special dividend of $0.60. The offer represents a premium to InvoCare's $8.95 share price when the deal was broached in March, after hovering around $11 for most of February.

The context: InvoCare's market cap tanked in late February amid tough market conditions, increased operating costs, a labour shortage and loss of market share to competitors. TPG Capital's offer followed in March, giving way to months of negotiations over a price.