(Updates with details on proposal)
March 7 (Reuters) - Australian funeral services provider InvoCare Ltd said on Tuesday it received a non-binding takeover offer from asset manager TPG Global LLC for A$1.81 billion ($1.22 billion).
The A$12.65 per share proposal, which is at a 41.3% premium to the stock's last close, represents the first proposal in 2023 by a private equity firm amid increasing merger and acquisition interest in Australia.
TPG Global has also acquired an about 17.8% interest in InvoCare through a combination of physical ownership and derivatives, the company said in a statement.
InvoCare said it is supporting the proposal and had commenced an assessment of the same.
The company reported last month that it swung to an annual loss of A$1.8 million, from a profit of A$80.2 million a year earlier.
($1 = 1.4859 Australian dollars) (Reporting by Upasana Singh in Bengaluru; Editing by Maju Samuel and Rashmi Aich)