Not time to call in the undertakers yet

Not time to call in the undertakers yet
Invocare's takeover bid might offer some good news. (Image: Getty)
Paul McBeth
The rejection of the opportunistic takeover of Pushpay was a win for local fund managers and a good thing for the local stock market. The $1.53 billion takeover offer by BGH Capital and Sixth Street was rightly rejected as being too cheap – when it squeaks into the bottom end of the independent adviser’s valuation range of $1.33 to $1.53 a share at $1.34 apiece, you know there’s more wiggle room for arm-twisting and soothing words. So, it shouldn’t have been a surprise to see Pushpay and its suitors give themse...

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