SCI yanks buyout offer for Stewart Enterprises (STEI)
Today's Financial News - Posted October 8, 2008
Baltimore (TFN): Was it that Stewart Enterprises, Inc. (NASDAQ:STEI) was too unreasonable in insisting that Service Corporation International (NYSE:SCI) accept all financing risk in the transaction, as SCI claims? Or was it the declining state of the credit market, as Stewart claims?
In any case, SCI has withdrawn its buyout offer of $11 per share.
The news has sent Stewart’s stock price plummeting this morning almost 20% so far.
I still recommend holding onto shares of Stewart. It is a strong company fundamentally, and this latest setback may not be the end of negotiations between the companies.
To learn more about Stewart Enterprises, Inc. and its management philosophy, you can read the interview I had with the CEO and VP of Corporate Development and Investor Relations just last week right here.
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