Why StoneMor Shares Are Soaring Today

by Shivani Kumaresan, Benzinga Staff Writer

May 25, 2022 12:27 PM | 1 min read | Make a Comment

StoneMor Inc 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.

Posted In: M&A News Penny Stocks Small Cap Movers Trading Ideas Briefs why it's moving

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.