Stewart Enterprises to consider strategic alternatives

By Lisa Kerner

Charlotte, N.C., Aug. 29 - Stewart Enterprises, Inc. retained Goldman, Sachs & Co. and legal counsel Skadden, Arps, Slate, Meagher & Flom LLP to assist the company's board of directors with its review of strategic alternatives to maximize shareholder value.

Chairman of the board Frank B. Stewart Jr., who currently controls approximately 34% of the company's voting power, said he supports the review process but will refrain from making a decision on his plans until the board has done its review.

Stewart Enterprises formed a special committee of independent directors in July to consider an offer from Service Corp. International to purchase the company for $11.00 per share.

It was previously reported that Stewart Enterprises rejected Service Corp.'s $9.50-per-share offer made on June 25.

Service Corp. and Stewart Enterprises both provide funeral and cemetery products and services. Stewart Enterprises is located in Jefferson, La., and Service Corp. is based in Houston.

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