The funeral provider’s second-largest shareholder moved his near seven per cent stake against the transaction ahead of a final meeting next week, sources said.
Mr Ng and his brother, Robert, control Far East Organisation, Singapore’s largest private property developer. Through his family office, Kuang Ming Investments, Mr Ng intends to reject the deal at a scheme meeting on Tuesday, people familiar with the transaction said.Steven Siewert
With UBS in tow, TPG offered to buy the company for $12.65 per share, but that was deemed too low by InvoCare’s board. TPG’s revised offer of $12.70 per share was accepted by the board in August. The board has previously said directors were unanimously backing TPG’s offer should no higher offer present itself.
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