HOUSTON and NEW ORLEANS, July 17,
2013 /PRNewswire/ -- 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 30th 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.
Forward-Looking Statements
Information set forth in this release contains forward-looking
statements, which involve a number of risks and uncertainties.
Readers are cautioned that any forward-looking information is not a
guarantee of future performance and that actual results could
differ materially from those contained in the forward-looking
information. Such forward-looking statements include, but are not
limited to, statements about the benefits of the business
combination transaction involving SCI and Stewart Enterprises,
including future financial and operating results, the combined
company's plans, objectives, synergies, expectations and intentions
and other statements that are not historical facts.
The following factors, among others, could cause actual results
to differ from those set forth in the forward-looking statements:
the ability to obtain regulatory approvals of the transaction on
the proposed terms and schedule; the failure of Stewart
Enterprises' shareholders to approve the transaction; the risk that
the businesses will not be integrated successfully; the risk that
the cost savings and any other synergies from the transaction may
not be fully realized or may take longer to realize than expected;
disruption from the transaction making it more difficult to
maintain relationships with customers, employees or suppliers.
Additional factors that may affect future results are contained in
SCI's filings with the SEC, which are available at
www.sci-corp.com. SCI disclaims any obligation to update and
revise statements contained in these materials based on new
information or otherwise.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in
Houston, Texas, is North America's leading provider of deathcare
products and services. At June 30,
2013, we owned and operated 1,436 funeral homes and 374
cemeteries (of which 213 are combination locations) in 43 states,
eight Canadian provinces and the District of Columbia.
Through our businesses, we market the Dignity Memorial® brand which
offers assurance of quality, value, caring service, and exceptional
customer satisfaction. For more information about Service
Corporation International, please visit our website at
www.sci-corp.com. For more information about Dignity
Memorial®, please visit www.dignitymemorial.com.
SCI Contacts
Investors:
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Debbie Young /
Investor Relations
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(713)
525-9088
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debbie.young@sci-us.com
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Media:
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Lisa Marshall /
Corporate Communications
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713-525-5235
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lisa.marshall@sci-us.com
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SOURCE Service Corporation International