Service Corp (SCI) Withdraws $11 Offer for Stewart Enterprises (STEI)
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Service Corporation International (NYSE: SCI) withdraws its previous proposal of $11 per share for Stewart Enterprises (Nasdaq: STEI).
SCI said, "As you know, and as our advisors have discussed, Stewart's three pre-conditions to negotiation of a transaction with SCI are unacceptable to SCI. SCI cannot agree to accept all financing risk of a transaction (in other words, "hell or high water" on financing), accept all regulatory risk on antitrust clearance and, in addition, increase its $11/share proposal."
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