The former parent company of Batesville Casket Company has agreed to be bought for approximately $3.8 billion, or $32 per share. Batesville, Indiana-based Hillenbrand says it's agreed to be bought by an affiliate of Texas private equity firm, Lone Star Funds.

Hillenbrand is the region's 7th largest public company. The deal with Lone Star funds will take the company private, and according to the Cincinnati Business Courier , reduce the number of publicly held companies in the Tri-State to 20.

"Over the past several years, Hillenbrand has made tremendous progress transforming into a pure-play industrial company, reshaping our portfolio, and making strategic investments in the business," says Kim Ryan, president and CEO of Hillenbrand, in a release. "Lone Star recognizes this progress and s

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