(Adds details on due diligence)
April 24 (Reuters) - Australian funeral services provider InvoCare (IVC) said on Monday that U.S.-based private equity firm TPG Global had withdrawn its A$1.81 billion ($1.21 billion) buyout bid for the company after it did not grant TPG due diligence.
The A$12.65 per share indicative offer from TPG was deemed by InvoCare's board to "not provide compelling value for shareholders," despite the 41.3% premium at the time of the offer.
InvoCare had previously said it was
open to granting
TPG access to its books if it came back with a better offer, with some
analysts
fairly confident a deal would materialise.
TPG did have access to some limited, non-public financial information to help it rethink its bid price, InvoCare said.
TPG Global did not immediately respond to a Reuters request to comment.
The firm currently holds about 19.2% of InvoCare's shares, according to Refinitiv data.
($1 = 1.4941 Australian dollars)
