The sticking point is obviously price. In one corner, InvoCare chairman Bart Vogel and investor Spheria reckon the PE firm needs to go up, while in the other TPG and the shareholders it sent packing in its raid including Aware Super think the price is right.
The question now is what TPG does next. Obviously, it is still holding on to its 19.9 per cent stake and would be trying hard to find a use for it.
Street Talk understands, outside of price, the dealbreaker was InvoCare’s insistence that TPG sign an agreement that would have precluded it voting its stock at the May 26 AGM and from speaking to shareholders, managers and suppliers.
It looks like the obvious spot to start rebuilding the bridge.
Elsewhere in listed equities, it all seemed pretty tame going into Monday’s pseudo-public holiday. Tyro Payments and Essential Metals were quiet and Street Talk spotted no big raisings barring a yet-another private placement from Mesoblast.
The decision to play hardball with the private equity group will be tested when the funeral company’s board fronts shareholders at next month’s annual meeting.
The biotech, which is developing treatments for cardiovascular disease and back pain, is no stranger to the capital markets. It went into a trading halt on Thursday.
The Sydney investor has put the two businesses together to form York Street Brands, throwing more firepower behind it as the business chases global markets.
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