UBS was trying to get its hands on 10 per cent of the company for a mystery private equity buyer, which Street Talk can reveal was US giant TPG Capital.
TPG was offering a staggering 41 per cent premium to corner the stake by 7.30pm. But the big premium meant it was likely to walk out of the raid with more than 10 per cent of the company.
That should be handy should TPG choose to walk the talk and lob a takeover offer at $12.65 a share.
But for now, its raid would be a relief for many InvoCare shareholders, who have seen the shares nosedive 26 per cent in a year as competitors nick market share from its brands Simplicity Funerals, White Lady Funerals and Le Pine.
Australian bus operator Kinetic Group and its Spanish bid partner Globalvia are wasting no time getting the house in order at British bus business Go-Ahead.
