Mar 27 2010
Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, announced today that 23,748,302 common shares of Keystone North America Inc. ("Keystone"), representing approximately 91% of the outstanding Keystone common shares, have been tendered to the offer (the "Offer") dated November 16, 2009, as amended, made by SCI Alliance Acquisition Corporation ("SCI Alliance"), a wholly-owned subsidiary of SCI. Since all of the conditions of the Offer have been satisfied, SCI Alliance has taken up all of the Keystone common shares tendered to the Offer.
SCI intends to acquire all of the Keystone common shares that were not deposited under the Offer pursuant to the compulsory acquisition provisions of the Ontario Business Corporations Act.
"We welcome the Keystone associates into the Dignity Memorial family," said Tom Ryan, SCI president and chief executive officer. "The acquisition is a great complement to the more than 300 similarly situated businesses we currently operate and will provide a platform to grow our business in this valuable segment."
In connection with the Offer, the board of directors of Keystone has been replaced by nominees of SCI, with Mr. Steven Tidwell remaining as a director of Keystone.
Keystone has given notice that its subordinated notes (including the subordinated notes forming a part of the income participating securities of Keystone) will be redeemed on April 26, 2010. Keystone has deposited sufficient funds with the trustee under the note indenture to redeem the notes and pay all interest up to the redemption date. In addition, Keystone has repaid the outstanding amounts under, and terminated, the senior credit facility of its subsidiary, Keystone America, Inc.
SOURCE Service Corporation International