By Josh Beckerman
Cemetery and funeral home operator Park Lawn said Monday it withdrew its preliminary offer to buy Carriage Services and won’t participate further in Carriage’s strategic review process.
Carriage said in June it would explore potential strategic alternatives, possibly including a sale or merger.
In August, CIBC Capital Markets maintained its neutral rating for Park Lawn and lowered its price target to C$29 from C$30. It said a deal for Carriage or a large private company would likely be “highly synergistic” and “highly accretive” but also noted that “smaller-scale M&A remains compelling.” In August, Park Lawn bought the assets of Forrest & Taylor Funeral Home.
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