Funeral Industry News

Service Corp. International Extends Keystone Deal… Again

March 2, 2010

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Service Corp. International Extends Keystone Deal… Again

imageFuneral home operator Service Corp. International really wants to buy Keystone North America Inc.

The Houston company has pushed back the expiration date a second time for the acquisition of Tampa-based Keystone, also an owner and operator of funeral homes and which trades on the Toronto Stock Exchange.

The new date is March 19.

As of March 1, Service Corp. (NYSE: SCI) also will increase its offer by 7 cents per share for a total of $8.07 a share. That will raise the purchase price to nearly $260 million from the initial proposed offer of $256 million.

Last month, the company moved the date to Feb. 26.

SCI still expects to close on the deal by the end of the third quarter.

Source: SCI