Update 4:37pm: Adds closing share price
Carriage Services (NYSE:CSV) rose 20% after Park Lawn (OTCPK:PRRWF) said it submitted a all cash proposal to acquire the the U.S. funeral home operator. Park Lawn
The proposal was made confidentially and is subject to completion of due diligence, according to a statement. Park Lawn partnered with a large private equity firm and doesn't anticipate that it would require any public equity financing in order to complete a deal and that any such transaction would be accretive to Park Lawn's earnings on a fully diluted basis.
Carriage Services has a market cap of $418 million, while Park Lawn (OTCPK:PRRWF) is valued at $580 million.
Earlier Monday Carriage Services (CSV) announced it was exploring strategic alternatives, including a possible sale or merger.
The company doesn't plan to comment further on the process unless there are material developments.
Lazard is serving as a financial advisor, and Sidley Austin LLP is serving as a legal advisor to the company
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