Australian funeral home operator InvoCare Ltd. has agreed to a revised A$1.83 billion ($1.2 billion) takeover offer from private equity firm TPG Inc.

TPG proposed a buyout offer of A$12.70 per share for the Sydney-based company, down from a A$13 per share offer in May, according to a statement on Wednesday, confirming an earlier Bloomberg News report. The deal also includes a so-called franked, or tax-free, special dividend of up to 60 Australian cents per share that the board said represents implied value of up to approximately A$12.96 per share. The latest offer represents around a 42% premium to the closing price on March 6.

The agreement could close the book on brinkmanship about terms between TPG and InvoCare’s board. TPG first approached Invocare in March with a A$12.65 per share bid. The private equity firm briefly withdrew it the following month before making the A$13 a share offer in May. InvoCare’s board said it intended to unanimously recommend the offer if it became a binding transaction, and agreed to give TPG access for due diligence.

“The board is unanimous in its view that this transaction is in the best interests of InvoCare shareholders,” InvoCare Chairman Bart Vogel said in the statement. “The board notes that the cash consideration delivers certainty of value to InvoCare shareholders and unanimously recommends that shareholders vote in favor.”

InvoCare shares rose as much as 6.2% to A$12.51 in early Sydney trading.

InvoCare provides funeral services in Australia, New Zealand and Singapore, and operates private memorial parks and crematoria in Australia and New Zealand, according to its website. TPG has accrued a 19.9% stake in the business, an InvoCare statement to the exchange on May 10 showed.

(Adds share move in fifth paragraph.)