TPG’s $1.8 billion buyout of InvoCare has been approved by shareholders of Australia’s largest funerals group, ending two decades of public listing.
Although there was substantial opposition, the private equity firm’s offer was agreed to by 81.01 per cent of shareholders at a meeting on Tuesday. This surpassed the 75 per cent hurdle needed for the proposal to be approved and for ownership to change.
InvoCare will be delisted from the ASX on November 3.
InvoCare chairman Bart Vogel (left) and chief executive Olivier Chretien at the scheme meeting where shareholders approved the TPG buyout. Louise Kennerley
InvoCare runs two national brands, White Lady and Simplicity, and state-based brands including Le Pine in Victoria, George Hartnett Metropolitan in Queensland, Lester and Son in NSW and Blackwell in South Australia.
Some 19 per cent of shares were voted against the buyout. TPG already controlled 19.99 per cent of InvoCare and was not allowed to vote its shares at the meeting. The Australian Financial Review reported on Friday that billionaire Singapore developer Philip Ng had emerged as an opponent to TPG’s buyout, and was among those voting against the move. Mr Ng and his brother, Robert, control Far East Organisation, Singapore’s largest private property developer, and operate a family office, Kuang Ming Investments. The Ng shareholding in InvoCare was around 6 per cent.
InvoCare chairman Bart Vogel said there were many investors who shared the same sentiments as the Ngs, but added that the board was required to take a practical approach and consider the only offer on the table.
“I acknowledge the fact that there are many of us in the room that would prefer to see the business continue in its current form,” Mr Vogel
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