Boston, MA 05/30/2013 (wallstreetpr) – The share prices of Stewart Enterprises Inc. (NASDAQ:STEI) had witnessed an increase of 33.16 percent to close at $12.97 per share for the end of last trading session. The shares of the company involved in providing funeral and cemetery products and services in the United States had been trading in the range of $12.95 to $13.10 per share during the day.
Acquisition Deal
Stewart Enterprises Inc. (NASDAQ:STEI) had recently announced that it had reached an agreement to be acquired by another funeral services company, Service Corp. International. The deal would be closed at $1.13 billion for the acquisition and each shareholder would be paid $13.25 per share. The combined company would thereby operate 1653 funeral homes and 515 cemeteries in the United States, Canada and Puerto Rico.
Stewart Enterprises Inc. (NASDAQ:STEI) presently operates through its subsidiaries to provide a wide range of funeral and cemetery services in the United States. The shares of Stewart Enterprises Inc. (NASDAQ:STEI) had hit the new 52 week high price level at $13.10 per share following the announcement of this acquisition deal. The 52 week low price level for the funeral services company is at $5.87 per share. Stewart Enterprises Inc. (NASDAQ:STEI) presently holds 85.39 million shares outstanding and the institutional ownership in the company is at 81 percent of the holdings.
Stewart Enterprises Inc. (NASDAQ:STEI) had witnessed a heavy surge in the trading volume at 75.71 million shares being exchanged hands for the last trading session, while the average trading volume for the funeral services company is only at 530,240 shares per day.
