FTC Issues Requests for Additional Information in Connection With the Service
Corporation International / Stewart Enterprises, Inc. Merger
HOUSTON and NEW ORLEANS, July 17, 2013 (GLOBE NEWSWIRE) -- Service Corporation
International (NYSE:SCI) ("SCI") and Stewart Enterprises, Inc. (Nasdaq:STEI)
("Stewart") today announced that they have each received a request for
additional information from the Federal Trade Commission ("FTC") in connection
with its review of SCI's pending acquisition of Stewart. These FTC requests,
commonly referred to as the "second request," were anticipated by SCI and
Stewart. They extend the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 until the 30^th day after substantial compliance by
SCI and Stewart with the requests, unless that period is extended voluntarily
by the parties or terminated sooner by the FTC. SCI and Stewart intend to
continue to work with the FTC and to respond promptly to the request. The
companies continue to believe that the pending acquisition will be completed
in late 2013 or early 2014.
About Stewart Enterprises, Inc.
Founded in 1910, Stewart Enterprises, Inc. is the second largest provider of
products and services in the death care industry in the United States. Stewart
currently owns and operates 217 funeral homes and 141 cemeteries in the United
States and Puerto Rico.
This press release includes forward-looking statements that are generally
identifiable through the use of words such as "believe," "expect," "intend,"
"plan," "estimate," "anticipate," "project," "will" and similar expressions.
These forward-looking statements rely on assumptions, estimates and
predictions that could be inaccurate and that are subject to risks and
uncertainties that could cause actual results to differ materially from
Stewart's goals or forecasts. These risks and uncertainties include, but are
not limited to: the occurrence of any event, change or other circumstances
that could give rise to the termination of the merger agreement; the outcome
of any legal proceedings instituted against Stewart related to the merger
agreement; the inability to complete the transaction due to the failure to
obtain shareholder approval or the failure to satisfy other conditions to
completion of the transaction, including the receipt of all regulatory
approvals related to the transaction; the failure of SCI's financing
arrangements to fund in accordance with the financing commitment; the
disruption of management's attention from Stewart's ongoing business
operations due to the transaction; the effect of the announcement of the
transaction on Stewart's relationships with its customers, operating results
and business generally; the effects of local and national economic, credit and
capital market conditions; and other risk factors described in Stewart's
Annual Report on Form 10-K for the year ended October 31, 2012 and Quarterly
Report on Form 10-Q for the quarter ended April 30, 2013 filed with the
Securities and Exchange Commission (the "SEC"). Stewart disclaims any
obligation or intent to update or revise any forward-looking statements in
order to reflect events or circumstances after the date of this release.
Important Additional Information and Where to Find It
In connection with the transaction, Stewart filed with the SEC its Definitive
Proxy Statement on July 11, 2013 and mailed it to its shareholders on or about
July 16, 2013, and may furnish or file other materials with the SEC in
connection with the transaction. The Definitive Proxy Statement contains
important information about Stewart, SCI, the merger agreement and voting
agreement, transactions contemplated by these agreements and related matters.
Investors and security holders are urged to carefully read the Definitive
Proxy Statement, and any other materials furnished or filed with the SEC
relating to the transaction when they are available, before making any voting
or investment decision. Investors and security holders can obtain free copies
of the Definitive Proxy Statement, and other materials furnished or filed with
the SEC, when furnished or filed, will be available, through the web site
maintained by the SEC at www.sec.gov. In addition, investors and security
holders can obtain free copies of the Definitive Proxy Statement, and other
materials furnished or filed with the SEC relating to the transaction, when
furnished or filed, will be available, from Stewart.
Participants in the Solicitation of Proxies
Stewart and its directors, executive officers and other members of management
and employees may be deemed to be participants in the solicitation of proxies
from the shareholders of Stewart in connection with the transaction described
in this press release. Information regarding Stewart's directors and executive
officers is included in Stewart's proxy statement for its 2013 Annual Meeting
of Shareholders, which was filed with the SEC on or about February 22, 2013.
Additional information regarding the potential participants in the proxy
solicitation and a description of their direct and indirect interests, by
security holdings or otherwise, are included in the Definitive Proxy Statement
described above. Stewart's proxy statement for its 2013 Annual Meeting of
Shareholders and Definitive Proxy Statement are available, and other materials
furnished or filed with the SEC relating to the transaction, when furnished or
filed, will be available, at the SEC's web site at www.sec.gov and from
CONTACT: Martin de Laureal
Stewart Enterprises, Inc.
1333 S. Clearview Parkway
Jefferson, LA 70121
Stewart Enterprises, Inc. Logo
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