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Stewart Enterprises Inc To Be Acquired By Service Corporation International For $13.25 Per Share In Cash


Wednesday, 29 May 2013 07:05am EDT 

Stewart Enterprises Inc announced that it has entered into a definitive merger agreement with Service Corporation International (SCI) under which SCI will acquire Stewart in an all-cash merger with a total enterprise value of approximately $1.4 billion. Under the terms of the merger agreement, holders of Stewart's Class A and Class B common stock will receive $13.25 in cash for each share of common stock they hold. The per share consideration represents an approximate premium of 48% above the volume-weighted average closing price per share for the 30 calendar days ending May 23, 2013 of $8.97. Stewart's board of directors, acting upon the unanimous recommendation of a special committee of independent directors, unanimously approved the transaction and recommended that shareholders approve the transaction. In connection with Stewart's entry into the merger agreement, Frank B. Stewart, Jr., Chairman of the Board of Directors, entered into a voting agreement with SCI pursuant to which he has agreed to vote Class A and Class B shares of common stock representing 29.99% of the aggregate voting power of Stewart voting stock in favor of the transaction. Goldman, Sachs & Co. acted as financial advisor to the special committee of Stewart's board of directors in connection with the transaction. Jones Walker LLP served as legal advisor to Stewart in connection with the transaction. Latham & Watkins LLP served as legal advisor to Frank B. Stewart, Jr. in connection with the transaction. 

Company Quote

20.28
-0.14 -0.69%
25 Jul 2014