Funeral Industry News

SCI Finally Gets Greenlight

March 26, 2010

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SCI Finally Gets Greenlight

imageService Corporation International, which operates funeral homes and cemeteries, said Thursday it has received an early termination of a legally required waiting period on its proposed takeover of Keystone North America Inc.

Last year, the companies announced an agreement for Service Corporation to buy Keystone North America for $8 per share.

Service Corporation International said it received an early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvement Act in connection with its tender offer for all of the issued and outstanding common shares in the capital of Keystone North America.

SCI, through a subsidiary, intends to take up all of the Keystone shares tendered to the offer as of the expiration time, provided that the 66 2/3 percent minimum tender condition and other conditions of the offer are met.

The offer expires Friday at 3 p.m. EDT.

As part of the regulatory review by the Federal Trade Commission, SCI agreed to sell certain Keystone and SCI assets. It will divest 22 funeral homes and five cemeteries.

Service Corp. owns and operates 1,250 funeral homes and 364 cemeteries in 43 states, eight Canadian provinces, the District of Columbia and Puerto Rico.

Keystone North America, based in Toronto, operates 195 funeral homes and 15 cemeteries across the United States and the Canadian province of Ontario.

Shares of Service Corporation International, based in Houston, fell 1 cent to $9.10 in Thursday trading. On the Toronto exchange, Keystone North America shares rose 3 cents to close at $8.03.