Propel Funeral Partners receives all cash takeover bid

Company News

by Kathy Skantzos

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.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.