By Scott Murdoch and Himanshi Akhand

(Reuters) -Australia’s InvoCare Ltd shares jumped almost 12% on Monday after it revealed the next A$1.86 billion ($1.26 billion) supply from international personal fairness agency TPG had been tabled simply weeks after it rejected a decrease bid it mentioned undervalued the funeral providers supplier.

Shares of InvoCare rose to A$12.36 by 0424 GMT, outperforming the broader Australian market which was up simply 0.07% within the afternoon session.

TPG tabled an all money $A13 per share supply which was 2.7% above its earlier $A12.65 bid which had been rejected by InvoCare’s board.

Australia is rising as a offers hotspot within the Asian area the place dealmaking exercise stays subdued.

InvoCare’s transaction was the third $1 billion plus company buyout in Australia introduced on Monday, after Newcrest mentioned it had agreed phrases with Newmont Company $17.8 billion takeover. Aristocrat Leisure mentioned it will spend $1 billion shopping for the Nasdaq-listed software program agency NeoGames S.A..

The A$13 per share supply represents a 17.2% premium to InvoCare’s final closing worth, and is inclusive of a particular dividend of as much as about 60 Australian cents per share.

TPG is InvoCare’s largest shareholder, holding about 19.2% stake within the firm.

InvoCare mentioned TPG was contemplating making a scrip choice for buyers to roll over a few of their shareholding right into a privatised InvoCare.

Final month, TPG withdrew its buyout bid after it was not granted entry to the New South Wales-based firm’s books following its A$12.65 per-share indicative supply — a 41.3% premium on the time.

InvoCare mentioned on Monday it had agreed to offer TPG an opportunity to undertake a five-week due diligence on an unique foundation to ship a binding supply.

The corporate intends to suggest shareholders vote in favour of TPG’s newest supply if it turns into a binding deal, InvoCare added.

($1 = 1.4743 Australian {dollars})