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.
