TREVOSE, Pa., July 31, 2020 (GLOBE NEWSWIRE) -- StoneMor Inc. (NYSE: STON), a leading owner and operator of cemeteries and funeral homes, announced today that the Special Committee of its board of directors has received an amended proposal, from Axar Capital Management, LP proposing to acquire all of the outstanding shares of common stock of the Company not owned by Axar or its affiliates for $0.80 per share in cash, subject to certain conditions. The key terms of the Amended Proposal were set forth in a letter dated July 28, 2020, a copy of which is attached hereto as Annex A.

As previously reported, Axar originally proposed to acquire all of the outstanding shares of common stock of the Company not owned by Axar or its affiliates for $0.67 per share in cash, subject to certain conditions. The Special Committee, which was formed by the Board in response to receipt of that proposal and authorized by the Board to reject the proposed transaction or to recommend that the Board approve the terms of the proposed transaction, informed Axar on June 16, 2020 that, after reviewing the initial proposal, it rejected the price proposed by Axar as inadequate.

Axar currently owns approximately 62% of the Company’s outstanding common stock. As with the initial proposal, the transaction contemplated by the Amended Proposal would not be contingent on any financing and would be funded with equity from Axar and its affiliates and would be conditioned upon, among other things, the negotiation and execution of mutually satisfactory definitive agreements, which Axar proposed would contain terms customary for a transaction of this type, including a closing condition that the approval of holders of a majority of the outstanding Shares not owned by Axar or its affiliates be obtained.

The Special Committee has engaged Faegre Drinker Biddle & Reath LLP as its legal counsel and Duff & Phelps, LLC as its financial advisor. The Special Committee is currently reviewing the Amended Proposal with its advisors.

About StoneMor Inc.

StoneMor Inc., headquartered in Trevose, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 319 cemeteries and 88 funeral homes in 27 states and Puerto Rico.

StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. For additional information about StoneMor Inc. please visit StoneMor’s website, and the investors section, at http://www.stonemor.com.