Stewart Enterprises rises 18% in pre-market after rejecting Service Corp buyout offer
Stewart Enterprises Inc. (Nasdaq:STEI) is up more than 18% in pre-market trading today after the company announced early this morning it had rejected a buyout offer from Service Corporation International (NYSE:SCI). Stewart Enterprises said the offer was inadequate, though the terms of the agreement were not disclosed, Thomson Financial reported.
Stewart Enterprises is a Jefferson, La.-based provider of funeral and cemetery products. Service Corp is a Houston-based network of funeral homes and cemeteries and also provides funeral products.
Ahead of the opening, shares of Stewart Enterprises are at $8.25, up $1.26, or 18.03%, from Friday’s close.
For detailed price information and recent news stories about Stewart Enterprises Inc., click STEI. For information on Service Corporation International, click SCI.
