April 24 (Reuters) - Australian funeral services provider InvoCare said on Monday U.S.-based private equity firm TPG Global has withdrawn its A$1.81 billion ($1.21 billion) buyout bid, leading shares to record their biggest intraday drop in 3 years.

TPG's move comes after it was not granted due diligence following its A$12.65 per share indicative offer — a 41.3% premium at the time — which was deemed by InvoCare's board to "not provide compelling value for shareholders."

InvoCare had previously said it was open to granting TPG access to its books if it came back with a better offer, and some analysts were fairly confident a deal would materialise.

InvoCare offered TPG access to limited, non-public financial information to help it rethink its bid price. TPG declined to sign a confidentiality agreement and did not take up the InvoCare offer.

With the deal having collapsed, TPG is now pushing for the nomination of a non-executive director, as it holds about 19.2% of InvoCare's shares.

InvoCare said the board will consider the proposal.

The company's shares plunged as much as 16.9% to A$10.07, their worst intraday loss since March 25, 2020. It was also the top loser on the S&P/ASX 200 index. ($1 = 1.4941 Australian dollars) (Reporting by Harshita Swaminathan; Editing by Christian Schmollinger and Uttaresh Venkateshwaran)