Funeral home company Park Lawn agrees to be taken private, shares surge

A groundhog is shown amongst tombstones at Notre-Dame-des-Neiges cemetery in Montreal, Friday, Sept. 4, 2020. THE CANADIAN PRESS/Graham Hughes

 GMH

TORONTO - Shares of Park Lawn Corp. soared nearly 60 per cent in early trading after the company announced a plan to be taken private in an agreement valued at about $1.2 billion, including debt.

Under the proposal, Viridian Acquisition Inc., an affiliate of Homesteaders Life Co. and Birch Hill Equity Partners Management Inc., will pay $26.50 per share for Park Lawn.

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