JEFFERSON, La., May 29, 2013 (GLOBE NEWSWIRE) -- Stewart Enterprises, Inc. (Nasdaq:STEI) today announced that it has entered into a definitive merger agreement with Service Corporation International (NYSE: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 percent above the volume-weighted average closing price per share for the 30 calendar days ending May 23, 2013 of $8.97. The transaction will combine the two leading providers of funeral and cemetery services in the United States.
Stewart Enterprises To Be Acquired By Service Corporation International For $13.25 Per Share In Cash
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