Tag: stonemor

Finance

StoneMor completes merger with Axar Capital. . . becomes a private company

Last week death care property owner and operator StoneMor announced, in this press release, that they had completed their merger with Axar Capital Management whereby StoneMor will become a private and wholly owned subsidiary of Axar Capital Management.  Prior to this “take private” movement, which was announced in this May 25, 2022, press release, Axar Capital Management had owned approximately 75% of the outstanding StoneMor public stock. StoneMor’s stock was taken off the public exchanges as of November 4 and […]

Finance

StoneMor/Axar Capital transaction recommended by shareholder agency

Earlier this week according to this press release the Institutional Shareholder Services (ISS) recommended that shareholders of StoneMor vote “FOR” the pending transaction with a subsidiary of Axar Capital Management LP.  That vote, which would take StoneMor to a private company status, is scheduled for a special stockholders meeting on November 1, 2022. Among other reasons, ISS noted the following for current StoneMor shareholders: “The merger consideration is above the estimated values of the fairness opinion….The merger consideration represents a […]

Afternoon Edition

StoneMor and Axar Capital: Finalizing things soon?

A recent article published by Seeking Alpha indicates that the “Go Shop” period for StoneMor Inc., following the announcement of a potential going private sale to Axar Capital, is over.  In the article the authors mention, “StonMor has been able to solicit other offers, which might not necessarily be take privates. The go-shop period is over so the deal is probably going through.” Interesting to note also, that StoneMor, known more as a cemetery company than a funeral home company […]

Afternoon Edition

Top read stories and more information for you

It is our custom at Funeral Director Daily to post the top-read stories of the past 30 days at the middle of every month.  Just in case you missed one or two of them.  . here they are. In addition we are putting out some information for that you may find useful pertaining to the CANA Peer Network and new offerings from the NFDA’s podcast series, A Brush with Death. Here are Funeral Director Daily’s top-read articles from August 15 […]

Finance

StoneMor announces acquisition of Illinois funeral home

StoneMor Inc., the Pennsylvania based operator of funeral homes and cemeteries announced the acquisition of Anderson Funeral and Cremation Services of Belvidere, Illinois, last week.  According to this press release from StoneMor, company CEO Joe Redling said of the acquisition, “StoneMor’s acquisition of Anderson Funeral and Cremation Services is a valuable strategic move for us in the northern Illinois market.  Anderson Funeral and Cremation Services has been serving the families of northern Illinois for many years and is a deeply […]

Finance

Death Care Index falls, trails market indexes on the year

I had planned this article subject for this date simply because we have now finished the 2nd Quarter reports for all seven death care related companies that comprise the Funeral Director Daily Death Care Index (DCI). I hesitated, but then continued to move forward with this report on the public death care companies in spite of pretty negative news from the Jackson Hole economic summit which brought the markets quite a bit south on Friday. I’ve often felt that when […]

Finance

StoneMor posts 2Q 2022 results. . . . what’s their plan?

As we have previously reported, StoneMor Inc. is in the middle of a proposed take-private merger movement led by the companies largest shareholder, Axar Capital.  (Here is our article entitled “StoneMor agrees to Axar Capital Managment buyout”).  That merger continues to move forward with the offering price of $3.50 per share now moving into a phase of proxy material being disseminated to shareholders. In the meantime the company continues to operate its mortuaries and funeral homes in public company fashion.  […]

Finance

StoneMor agrees to Axar Capital Management buyout

In a press release issued at the beginning of business yesterday, Wednesday May 25, StoneMor Inc. announced that the company had agreed to a “definitive merger agreement under which a subsidiary of Axar Capital Management, LP (“Axar”) will be merged with and into StoneMor and all outstanding shares of StoneMor common stock not owned by Axar as to which dissenters’ rights are not perfected will be converted into the right to receive $3.50 in cash per share.”  You can read […]

Finance

StoneMor reports 1st Quarter. . . Axar talks continue

Here’s what StoneMor Inc. CEO Joe Redling had to say about the company’s 1st Quarter of 2022 during the company’s earnings call on May 12 which you can access here, “During the first quarter, we achieve(d) 4% year-over-year growth in our pre-need sales production.  And this is against the first quarter of 2021. That was up 45% against the first quarter of 2020. We achieved this growth through a concentrated sales effort, including a focus on volume and pricing optimization. […]

Business Finance

Recapping FY 2021 with the public companies

When you read this it will already be May 2022 and we will be two-thirds of the way into the 2nd Quarter of most company’s 2022 business year.  As a matter of fact, the reports of January thru March have already started to roll out as Matthews International provided us information on the January thru March period just last week.  We will be reporting on that later this week. However, I was asked by some in the death care business […]