Why StoneMor Shares Are Soaring Today
$STON
- 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.