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Service Corp. International to pursue growth opportunities after Stewart Enterprises rejects offer
By Lisa Kerner
Charlotte, N.C., July 14 - Service Corp. International said it believes a compelling business case exists for combining with Stewart Enterprises, Inc.
However, Service Corp. International will honor Stewart Enterprises' decision to reject SCI's $9.50-per-share offer for the company, which was made on June 25.
Houston-based Service Corp. International said it believes that a combination can only be effected on a negotiated basis under the current circumstances, it was reported in a form 8-K filed with the Securities and Exchange Commission.
Going forward, Service Corp. International will pursue opportunities to invest its capital and to provide continued growth and increased value for its stockholders.
Service Corp. International's initiatives include tailoring its services to specific customer preferences, improving operating efficiencies and pursuing internal and external business expansion.
Stewart Enterprises, in rejecting the offer, said it was not in the best interest of shareholders and called the proposal "inadequate," it was noted in the filing.
Thomas J. Crawford, Stewart Enterprises' president and chief executive officer, explained that the company is accomplishing positive change with its new management team in place.
"Our board and management remain committed to implementing our company's business plan as the best course to maximize stockholder value," Crawford said in his July 7 letter to SCI.
Service Corp. International and Stewart Enterprises both provide funeral and cemetery products and services. Stewart Enterprises is located in Jefferson, La.
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