Shares of funeral home operator, Carriage Services (NYSE: CSV) rose in morning trading on Thursday after Park Lawn Corp., a Canadian provider of goods and services associated with the disposition and memorialization of human remains, confirmed that it has submitted a preliminary all-cash proposal to purchase all of the outstanding stock of Carriage.
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Park Lawn stated in its press release that the “proposal was made confidentially and subject to the completion of satisfactory due diligence and the negotiation and execution of a mutually satisfactory definitive acquisition agreement.” The company also stated that it has “partnered with a large private equity firm and does not anticipate that it would require any public equity financing in order to complete such a transaction and that any such transaction would be accretive to Park Lawn’s earnings on a fully diluted basis.”
The company added that there is no guarantee that the proposed transaction will be “approved or consummated.”
CSV stock has soared by more than 20% year-to-date.
