If You Own Shares Of SCI Or Stewart Enterprises’ Stock You’re Happy About The Acquisition…Right?
Service Corporation International announced early Wednesday morning that they would be purchasing Stewart Enterprises for around $1.1 billion. The chatter around this acquisition hasn’t been positive (see comments left on our Facebook Page).
The boards of directors for both companies have approved the deal, which adds up to $1.4 billion when counting Stewart’s debt, but Stewart shareholders still need to vote on it. The companies expect to close the acquisition by the end of the year or in early 2014.
Service Corp. said the combination will generate about $60 million in annual savings, which will be fully realized over a two-year period after the deal closes. Savings will come from reduced expenses, the elimination of a duplicate public company and increased purchasing power.
So here’s the good news…If you’re a shareholder in either company your stock just took a really nice jump:
Shares of Stewart Enterprises jumped 34 percent, or $3.32, to $13.06 Wednesday before markets opened and after the companies announced the deal. Service Corp., meanwhile, climbed 6.7 percent, or $1.18, to $18.80.
The shares of both companies had already climbed more than 26 percent so far this year, as of Tuesday.
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