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FTC Requests More Information On Service Corporation International's Acquisition Of Stewart Enterprises Inc-DJ

Wednesday, 17 Jul 2013 06:02pm EDT 

Dow Jones reported that the Federal Trade Commission has requested more information on Service Corp. International's proposed acquisition of smaller peer Stewart Enterprises Inc. The FTC requests were anticipated by both companies. Service Corp. and Stewart said they plan to continue to work with the FTC and to respond promptly to the request. They continue to believe the deal will close in late 2013 or early 2014. Service Corp., which owns and operates 1,437 funeral homes and 374 cemeteries, said in May it would pay $13.25 a share for Stewart. Service Corp. said the deal will expand its footprint in what it calls a fragmented funeral and cemetery industry in North America. The companies said the deal has an enterprise value of about $1.4 billion, which likely includes the assumption of debt. 

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0.09 +0.44%
23 Jul 2014