STON - Cemetery owner StoneMor surges on agreement to be sold to Axar Capital

StoneMor (NYSE:STON), an owner and operator of operator of cemeteries and funeral homes, jumped 50% in premarket trading after its agreed to be sold for $3.50/share in cash to private equity firm Axar Capital Management. Axar currently owns about 75% o the outstanding shares of StoneMor (STON), according to a statement. The price represents a 54% premium to the company's closing price on Tuesday. The agreement comes after Axar Capital in September expressed an interest in pursuing discussions concerning strategic alternatives with the company.  The transaction was negotiated on behalf of StoneMor by the Conflicts Committee of its board, which is comprised entirely of independent directors, with the assistance of independent financial and legal advisors. The deal includes a 60-day "go-shop" period where the Conflicts Committee can solicit other acquisitions proposals. The deal is expected to close in the fall of this year. Duff & Phelps, now rebranded as Kroll, is

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Cemetery owner StoneMor surges on agreement to be sold to Axar Capital