News: IVC UPDATE 1-Australia's InvoCare receives $1.22 bln bid from PE firm TPG Global

(Updates with details on proposal)

March 7 (Reuters) - Australian funeral services provider InvoCare Ltd (IVC) said on Tuesday it received a non-binding takeover offer from asset manager TPG Global LLC for A$1.81 billion ($1.22 billion).

The A$12.65 per share proposal, which is at a 41.3% premium to the stock's last close, represents the first proposal in 2023 by a private equity firm amid increasing merger and acquisition interest in Australia.

TPG Global has also acquired an about 17.8% interest in InvoCare through a combination of physical ownership and derivatives, the company said in a statement.

InvoCare said it is supporting the proposal and had commenced an assessment of the same.

The company reported last month that it swung to an annual loss of A$1.8 million, from a profit of A$80.2 million a year earlier. ($1 = 1.4859 Australian dollars)