May 29, 2013 (Shareholders Foundation) - An investigation on behalf of investors in Stewart Enterprises, Inc. (NASDAQ:STEI) shares was announced concerning whether the offer by Service Corporation International to acquire Stewart Enterprises, Inc. for $13.25 per NASDAQ:STEI share and the takeover process are unfair to investors in Stewart Enterprises shares.

The investigation by a law firm concerns whether certain officers and directors of Stewart Enterprises, Inc. breached their fiduciary duties owed to NASDAQ:STEI investors in connection with the proposed acquisition.

On May 29, 2013 Stewart Enterprises, Inc. announced that it has entered into a merger agreement with Service Corporation International under which Service Corporation International will acquire Stewart Enterprises, Inc. in an all-cash merger with a total enterprise value of approximately $1.4 billion. Under the terms of the merger agreement, holders of Stewart Enterprises Class A and Class B common stock will receive $13.25 in cash for each share of common stock they hold.

However, given that in connection with Stewart Enterprises entry into the merger agreement, Frank B. Stewart, Jr., chairman of the board of directors, entered already into a voting agreement with Service Corporation International pursuant to which he has agreed to vote Class A and Class B shares of common stock representing 29.99% of the aggregate voting power of Stewart Enterprises, Inc voting stock in favor of the transaction, the investigation a law firm concerns whether the offer is too low for NASDAQ:STEI stockholders. More specifically, the investigation focuses on whether the Stewart Enterprises Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Stewart Enterprises, Inc. reported that its Total Revenue rose from $486.38 million for the 12 months period that ended on Oct. 31, 2009 to $516.10 million for the 12 months period that ended on Oct. 31, 2012 and that its respective Net Income increased from $23.27 million to $35.90 million.

Shares of Stewart Enterprises, Inc. (NASDAQ:STEI) grew from $2.29 per share in March 2009 to as high as $9.35 per share in March 2013.

On May 29, 2013, NASDAQ:STEI shares closed at $12.97 per share.