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
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.