StoneMor Inc. Announces Response of Special Committee to Axar Proposal
June 16 2020 - 4:02PM
StoneMor Inc. (NYSE: STON) (“StoneMor”) announced
today that the special committee (the “
Special
Committee”) of its board of directors – formed to consider
and evaluate an unsolicited proposal (the
“
Proposal”) from Axar Capital Management, LP
(“
Axar”) – has responded to the Proposal.
In the Proposal, which was disclosed by the
Company on May 27, 2020, Axar offered to acquire all of the
outstanding shares of common stock of the Company not owned by Axar
or its affiliates for $0.67 per share in cash, subject to certain
conditions. In its response, the Special Committee informed
Axar that, after reviewing the Proposal, it has rejected the price
proposed by Axar as inadequate. The Special Committee has
informed Axar that it would be open to engaging in further
discussions.
No assurance can be given that Axar will make
another proposal or engage in further discussions with the Special
Committee, that another proposal, if made by Axar, would be
accepted by the Special Committee, that definitive documentation
relating to any transaction would be successfully negotiated or
executed, that such transaction would receive approval by the
requisite Company stockholders or, if so approved, that such
transaction would be consummated. The Company does not undertake
any obligation to update this press release or to provide any
additional disclosures to reflect subsequent events, new
information or future circumstances, except as required by law.
About StoneMor Inc.
StoneMor, headquartered in Trevose,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 319 cemeteries and 88 funeral
homes in 27 states and Puerto Rico.
StoneMor’s cemetery products and services, which
are sold on both a pre-need (before death) and at-need (at death)
basis, include: burial lots, lawn and mausoleum crypts, burial
vaults, caskets, memorials, and all services which provide for the
installation of this merchandise. For additional information about
StoneMor Inc., please visit StoneMor’s website, and the investors
section, at http://www.stonemor.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements contained in this press
release, including, but not limited to, information regarding
actions of the Special Committee and further discussions about any
subsequent acquisition proposal, are forward-looking statements.
Generally, the words “believe,” “may,” “will,” “would,” “estimate,”
“continue,” “anticipate,” “intend,” “project,” “expect,” “predict”
and similar expressions identify these forward-looking statements.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on current
expectations and estimates. These statements are neither promises
nor guarantees and are made subject to certain risks and
uncertainties that could cause actual results to differ materially
from the results stated or implied in this press release. When
considering forward-looking statements, you should keep in mind the
risk factors and other cautionary statements set forth in
StoneMor’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q and the other reports that StoneMor files with the Securities
and Exchange Commission, from time to time. Except as required
under applicable law, neither the Special Committee nor StoneMor
assumes any obligation to update or revise any forward-looking
statements made herein or any other forward-looking statements made
by it, whether as a result of new information, future events or
otherwise.
CONTACT: |
Investor Relations |
|
StoneMor Inc. |
|
(215) 826-4438 |
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