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Benzinga
Benzinga
Business
Shivani Kumaresan

Why StoneMor Shares Are Soaring Today

NYSE
  • StoneMor Inc (NYSE:STON) has agreed to be acquired by a subsidiary of Axar Capital Management LP.
  • StoneMor shareholders will receive $3.50 in cash per share, representing a 54.2% premium to the company's closing share price on May 24, 2022.
  • Axar currently owns about 75% of the outstanding shares of StoneMor common stock.
  • The transaction is expected to close in the fall of 2022.
  • After completion of the deal, StoneMor will become a privately held company, and its stock will no longer trade on the NYSE.
  • Price Action: STON shares are trading higher by 50.7% at $3.42 on the last check Wednesday.
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