Carriage Services affirms that it is continuing its “Review of Strategic Alternatives to Maximize Shareholder Value”
On Wednesday Funeral Director Daily told you of the Tuesday, October 2, press release of Park Lawn Corporation stating that it was withdrawing its all-cash offer to purchase all of the outstanding stock of Carriage Services. It also mentioned that it had declined to participate any further in Carriage Services’ “Review of Strategic Alternatives”. You can see that press release here.
A day later on October 3, 2023, Carriage Services issued this press release which, in part, stated “. . . .Carriage’s Board of Directors continues its process to review strategic alternatives to maximize shareholder value. The Company does not intend to comment further unless and until there is an actionable matter that requires announcement.”
Funeral Director Daily take: Outside of the obvious, that being that Park Lawn’s $34 per share offer of June 13, 2023, is apparently off the table and the fact that Carriage Services is continuing to explore “alternatives”, the press releases don’t give us much more to go on.
You never know. . . .other bidders including, private equity, could have entered the fray, other regional and/or national death care consolidators could be looking into the situation, or many other issues could have came up to give Carriage Services other options than just the offer from Park Lawn Corporation. Hypothetically, from Park Lawn’s point of view, it could also be that they realized that their offer was not the proper financial amount.
It’s my opinion, however, that when an offer gets put out there to purchase a company something eventually happens. Over time we will see if that is the case with Carriage Services going forward.
For your information, in the press release from Carriage Services we get an up-to-date number of facilities operated by them when they state, “Carriage operates 171 funeral homes in 26 states and 32 cemeteries in 11 states.”
Related Public Company News: InvoCare of Australia: Offer too cheap, but deal is probably done. Morningstar
Disclosure– The author of this article is a shareholder of Park Lawn Corporation.
More news from the world of Death Care:
- Hamilton Municipal Cemeteries to offer natural burial option. CHCH – TV Hamilton, Ontario (Canada)
- Custom Dover cremation casket offers alternatives for families, funeral professionals. Air Force Mortuary Affairs Operations
- Honoring one’s pets at Ashes to Ashes Pet Crematory. Video news story and print article. Fox Channel 22 – Bangor (ME)
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