Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Stewart Enterprises Inc. > News item |
Stewart Enterprises considers alternatives after Service Corp. increases offer
By Angela McDaniels
Tacoma, Wash., July 23 - Stewart Enterprises, Inc. said it will form a committee of independent directors to evaluate alternatives available to the company to maximize shareholder value.
The board of directors approved the plan at a meeting called to consider the latest offer from Service Corp. International, according to a company news release. On July 22, Service Corp. increased its offer to purchase the company to $11.00 per share.
The members of the committee are Alden McDonald Jr., James McFarland, Ronald Patron, Michael Read and Ashton Ryan Jr. The board gave the committee authorization to hire an investment banker or other advisers.
On July 14, Service Corp. said it would honor Stewart Enterprises' decision to reject the $9.50-per-share offer made for the company on June 25.
Stewart Enterprises, in rejecting the initial offer, said it was not in the best interest of shareholders and called the proposal "inadequate."
Service Corp. International 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.