Funeral services company Propel Funeral Partners (ASX:PFP) has announced it has received an all cash takeover bid for the entire issued share capital of Norwood Park.
The total cash payable by the bidder for the takeover is approximately $13.65 million, which represents an enterprise value of approximately $14.3 million.
The proposed acquisition is expected to be accretive to the company’s earnings in the first year.
Propel intends to fund the proposed transaction from cash reserves.
Norwood Park generated revenue of approximately $4.8 million in FY2017, and was established in 1964.
Shares in Propel Funeral Partners (ASX:PFP) are trading flat at $3.47.