Service Corporation International (SCI) announced the execution of a definitive support agreement with Keystone North America Inc.
Under the terms of the agreement, SCI has agreed to offer to purchase all the outstanding common shares of Keystone, including those represented by income participating securities, at C$8.00 per share, for a total estimated transaction value of approximately $256 million.
The Boards of Directors of both companies have unanimously approved the transaction.
The transaction is anticipated to close in the first quarter of 2010. Upon closing, the transaction is expected to be immediately accretive to SCI's cash flow and earnings in 2010.
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