FTC Issues Requests for Additional Information in Connection With the Service Corporation International / Stewart Enterprises,
17 Julho 2013 - 7:04PM
Service Corporation International (NYSE:SCI) ("SCI") and Stewart
Enterprises, Inc. (Nasdaq:STEI) ("Stewart") today announced that
they have each received a request for additional information from
the Federal Trade Commission ("FTC") in connection with its review
of SCI's pending acquisition of Stewart. These FTC requests,
commonly referred to as the "second request," were anticipated by
SCI and Stewart. They extend the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 until the 30th
day after substantial compliance by SCI and Stewart with the
requests, unless that period is extended voluntarily by the parties
or terminated sooner by the FTC. SCI and Stewart intend to continue
to work with the FTC and to respond promptly to the request. The
companies continue to believe that the pending acquisition will be
completed in late 2013 or early 2014.
About Stewart Enterprises, Inc.
Founded in 1910, Stewart Enterprises, Inc. is the second largest
provider of products and services in the death care industry in the
United States. Stewart currently owns and operates 217 funeral
homes and 141 cemeteries in the United States and Puerto Rico.
Cautionary Statements
This press release includes forward-looking statements that are
generally identifiable through the use of words such as "believe,"
"expect," "intend," "plan," "estimate," "anticipate," "project,"
"will" and similar expressions. These forward-looking statements
rely on assumptions, estimates and predictions that could be
inaccurate and that are subject to risks and uncertainties that
could cause actual results to differ materially from Stewart's
goals or forecasts. These risks and uncertainties include, but are
not limited to: the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; the outcome of any legal proceedings instituted against
Stewart related to the merger agreement; the inability to complete
the transaction due to the failure to obtain shareholder approval
or the failure to satisfy other conditions to completion of the
transaction, including the receipt of all regulatory approvals
related to the transaction; the failure of SCI's financing
arrangements to fund in accordance with the financing commitment;
the disruption of management's attention from Stewart's ongoing
business operations due to the transaction; the effect of the
announcement of the transaction on Stewart's relationships with its
customers, operating results and business generally; the effects of
local and national economic, credit and capital market conditions;
and other risk factors described in Stewart's Annual Report on Form
10-K for the year ended October 31, 2012 and Quarterly Report on
Form 10-Q for the quarter ended April 30, 2013 filed with the
Securities and Exchange Commission (the "SEC"). Stewart disclaims
any obligation or intent to update or revise any forward-looking
statements in order to reflect events or circumstances after the
date of this release.
Important Additional Information and Where to Find
It
In connection with the transaction, Stewart filed with the SEC
its Definitive Proxy Statement on July 11, 2013 and mailed it to
its shareholders on or about July 16, 2013, and may furnish or file
other materials with the SEC in connection with the transaction.
The Definitive Proxy Statement contains important information about
Stewart, SCI, the merger agreement and voting agreement,
transactions contemplated by these agreements and related matters.
Investors and security holders are urged to carefully read the
Definitive Proxy Statement, and any other materials furnished or
filed with the SEC relating to the transaction when they are
available, before making any voting or investment decision.
Investors and security holders can obtain free copies of the
Definitive Proxy Statement, and other materials furnished or filed
with the SEC, when furnished or filed, will be available, through
the web site maintained by the SEC at www.sec.gov. In addition,
investors and security holders can obtain free copies of the
Definitive Proxy Statement, and other materials furnished or filed
with the SEC relating to the transaction, when furnished or filed,
will be available, from Stewart.
Participants in the Solicitation of Proxies
Stewart and its directors, executive officers and other members
of management and employees may be deemed to be participants in the
solicitation of proxies from the shareholders of Stewart in
connection with the transaction described in this press release.
Information regarding Stewart's directors and executive officers is
included in Stewart's proxy statement for its 2013 Annual Meeting
of Shareholders, which was filed with the SEC on or about February
22, 2013. Additional information regarding the potential
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
are included in the Definitive Proxy Statement described above.
Stewart's proxy statement for its 2013 Annual Meeting of
Shareholders and Definitive Proxy Statement are available, and
other materials furnished or filed with the SEC relating to the
transaction, when furnished or filed, will be available, at the
SEC's web site at www.sec.gov and from Stewart.
CONTACT: Martin de Laureal
Investor Relations
Stewart Enterprises, Inc.
1333 S. Clearview Parkway
Jefferson, LA 70121
504-729-1429
mdelaureal@stei.com
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