Park Lawn Going Private in USD 1.2 Billion Transaction with Homesteaders and Birch Hill

Toronto-based Park Lawn Corporation (TSX:PLC)(TSX:PLC.U) has announced an agreement for Viridian Acquisition Inc., a Homesteaders Life Company affiliate, and Birch Hill Equity Partners to acquire all outstanding common shares. Shareholders will receive $26.50 per share in cash, representing a 62.1% premium above the closing price on June 3, 2024, valuing the deal at around $1.2 billion.

The transaction has received unanimous backing from Park Lawn's board, following advice from a special independent committee and National Bank Financial Inc. The committee deemed the cash offer fair and beneficial for shareholders.

CEO Brad Green and Homesteaders President Steve Shaffer expressed confidence in the partnership. Completion of the transaction, pending customary approvals, is expected by August 2024. Post-transaction, Park Lawn's shares will be delisted from the TSX.