Stewart Enterprises (STEI) Retains Goldman Sachs (GS) as Advisor to Special Committe
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Stewart Enterprises, Inc. (Nasdaq: STEI) announced that its committee of independent directors has retained Goldman Sachs (NYSE: GS) as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as special legal counsel, in connection with the Board's evaluation of strategic alternatives available to the Company to maximize shareholder value. The Board previously announced the formation of the Committee in connection with its consideration of the letter from Service Corporation International dated July 21, 2008.
Chairman of the Board Frank B. Stewart, Jr., who currently controls approximately 34% of the Company's voting power, has advised the Board that he is fully supportive of the process being undertaken by the Committee, has not made any decisions regarding the outcome of the process, and plans to wait until the Board has had the opportunity to review the appropriate information and analysis presented by the Committee to the full Board before making any decisions regarding his plans or views.
Neither the Committee nor the Board intend to provide any update with respect to the Committee's review of potential strategic alternatives until the Board has approved a definitive course of action.
Stewart Enterprises, Inc. is a provider of funeral and cemetery products and services in the death care industry in the United States.[SM]
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