The latest information we have out of Australia on the potential takeover of Australia’s largest death care provider, InvoCare, by United States private equity company TPG Capital is from a “Street Talk” column in Wednesday’s Australian Financial Review.  Here’s a couple of exerpts from that article which is entitled “InvoCare talks turn sluggish; Ares ready to lend“:

• “It has been pretty quiet at InvoCare – which runs the White Lady Funerals and Simplicity Funerals brands – with a few brief updates earlier this month, the last on July 11, which did not include a reconfirmation of the $13 per share proposal lobbed on May 15.”

• “Sources told Street Talk that TPG has lined up its debt financing. It is understood the firm has been in talks with New York-listed alternatives manager Ares Management for about $800 million of debt funding to help mop up the deal.”

• “No doubt there is a Mexican standoff between the InvoCare board and its suitor on value, although sources with knowledge of conversations on both sides of the ledger say things are far from falling over. It may just take some time to sort through.”

• “. . . .looming on the horizon in just over a month, is InvoCare’s first half result announcement. That’s scheduled for August 28. If TPG does have concerns about the company’s performance, they could very well sit on their hands until then and let the shareholder make the decision for the board.”

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