InvoCare Limited admits defeat on Norwood Park Limited

InvoCare Limited (ASX: IVC) and Propel Funeral Partners Ltd (ASX: PFP) have been fighting it out over Norwood Park Limited over the past month.

Norwood Park Limited is a funeral operator that performs over 2,000 cremation services per year across its operations and generates revenue of approximately $4.8 million a year. Clearly, both InvoCare and Propel would benefit from acquiring the business.

However, a key part of InvoCare’s bid was that it would need to be accepted by 90% of Norwood Park’s shareholders.

Today, InvoCare announced its intention to withdraw its takeover for Norwood Park.

At 6 February 2018, Propel had 62.7% of the voting power and declared that its takeover offer was unconditional.

In order to avoid confusion for Norwood Park shareholders, InvoCare intends to withdraw its takeover bid, subject to ASIC’s consent.

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Motley Fool contributor Tristan Harrison owns shares of InvoCare Limited and Propel Funeral Partners Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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