Pavan Sharma

Retain $29.00 price target: acquisition looks likely.

Funeral Operator InvoCare (IVC) surged +35% yesterday after it received a takeover bid. InvoCare has received an unsolicited, preliminary, non-binding indicative offer from Singapore-based company Blue Eternal and private equity firm TPG Asia to acquire 100% of its issued shares for $12.65 cash per share. This comes after the two have acquired 17.8% stake in the company so far.

Warner Music Group reported flat results when adjusted on a normalised basis (the comparable quarter, Q1 ‘21, had an extra week in it). On a normalised basis revenues grew 2% and adjusted OIBDA increased 12.80%. Retain buy.