Service Corporation International(SCI) Has been cleared by the Federal Trade Commission (FTC) to purchase Keystone North America. Translation: The Worlds Largest Funeral Corporation #1 in North America has agreed to purchase the #5 Funeral Company in North America.
In an agreement with the FTC Service Corporation International agreed to sell off specified Keystone and SCI assets(22 Funeral Homes and 5 cemeteries).
This is not an indication that all is well at SCI, Keystone or the Funeral Industry. It is an indication that all is not well. Service Corporation International is coming off one of it’s worst years in it’s history. It seems that it s reinstating it’s 1990″s strategy of acquiring properties to help the bottom line. In 2009 SCI had scandal after scandal.
Service Corporation International (NYSE: SCI), the largest provider of death care products and services in North America, announced today that it has received an early termination of the waiting period under the Hart-Scott-Rodino Antitrust Act from the U.S. Federal Trade Commission (the “FTC”) in connection with SCI’s tender offer (the “Offer”) for all of the issued and outstanding common shares, including those represented by income participating securities, (the “Keystone Shares”) in the capital of Keystone North America Inc. (“Keystone”) (TSX: KNA, KNA.UN). With that regulatory clearance, SCI, through its wholly owned subsidiary, SCI Alliance Acquisition Corporation, intends to take up all of the Keystone Shares tendered to the Offer as of the expiry time, provided that the 66 2/3% minimum tender condition and the other conditions of the Offer are met.
Funeral Industry|Funeral News| Funeral Blog by Your Funeral Guy