Greencross is getting takeover offers but none are good enough, yet

Photo: Ralph Orlowski/Getty Images

Greencross, the veterinary and pet shop group, is getting offers to buy the business, with one valuing it at $736 million.

The latest was a bid by private equity firm TPG, which made an indicative proposal to acquire all the shares that it did not already own at $6.45 per share.

However, the board of directors at Greencross say the price fundamentally undervalues the company.

A short time ago, Greencross shares were at $7.06, up 3.67%. The shares have been rising since December when reports emerged of interest from private equity groups.

“Greencross has also received highly conditional, indicative, proposals and expressions of interest from other parties,” the company said.

“The board of Greencross has not pursued these proposals and expressions of interest further on the basis of their conditionality, lack of certainty and because they fundamentally undervalue Greencross.”

The company made a statement to the market after a report in the Australian Financial Review detailed the TPG bid.

Greencross is due to report its half year results on February 16.

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