Fidelity National Financial, Inc. Announces Chapter 11 Bankruptcy Court Approval of its Acquisition of Commonwealth Land Title I
December 16 2008 - 4:56PM
PR Newswire (US)
JACKSONVILLE, Fla., Dec. 16 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. (NYSE:FNF) today announced that the
Chapter 11 Bankruptcy Court approved its acquisition of LandAmerica
Financial Group, Inc.'s ("LFG") two principal title insurance
underwriters, Commonwealth Land Title Insurance Company
("Commonwealth") and Lawyers Title Insurance Corporation
("Lawyers"). FNF's purchase remains subject to the expiration of
the waiting period under the Hart Scott Rodino application and
other closing conditions specified in the amended stock purchase
agreement. The waiting period expires at Midnight on Thursday,
December 18, 2008 and closing is to occur on or before December 22,
2008. Fidelity National Financial, Inc. (NYSE:FNF), is a leading
provider of title insurance, specialty insurance, claims management
services and information services. FNF is one of the nation's
largest title insurance companies through its title insurance
underwriters - Fidelity National Title, Chicago Title, Ticor Title,
Security Union Title and Alamo Title - that issue approximately 27
percent of all title insurance policies in the United States. FNF
also provides flood insurance, personal lines insurance and home
warranty insurance through its specialty insurance business. FNF
also is a leading provider of outsourced claims management services
to large corporate and public sector entities through its
minority-owned subsidiary, Sedgwick CMS. FNF is also a leading
information services company in the human resource, retail and
transportation markets through another minority-owned subsidiary,
Ceridian Corporation. More information about FNF can be found at
http://www.fnf.com/. This press release contains forward-looking
statements that involve a number of risks and uncertainties.
Statements that are not historical facts, including statements
about our beliefs and expectations, are forward-looking statements.
Forward-looking statements are based on management's beliefs, as
well as assumptions made by, and information currently available
to, management. Because such statements are based on expectations
as to future economic performance and are not statements of fact,
actual results may differ materially from those projected. We
undertake no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
The risks and uncertainties which forward-looking statements are
subject to include, but are not limited to: the possibility that
the proposed stock purchase agreement will not be completed due to
the failure to secure necessary regulatory approvals; the
possibility that there are unexpected delays in obtaining
regulatory approvals; the possibility that the revenues, cost
savings, growth prospects and any other synergies expected from the
proposed transaction may not be fully realized or may take longer
to realize than expected; changes in general economic, business and
political conditions, including changes in the financial markets;
continued weakness or adverse changes in the level of real estate
activity, which may be caused by, among other things, high or
increasing interest rates, a limited supply of mortgage funding or
a weak U. S. economy; our potential inability to find suitable
acquisition candidates, acquisitions in lines of business that will
not necessarily be limited to our traditional areas of focus, or
difficulties in integrating acquisitions; our dependence on
operating subsidiaries as a source of cash flow; significant
competition that our operating subsidiaries face; compliance with
extensive government regulation of our operating subsidiaries; and
other risks detailed in the "Statement Regarding Forward- Looking
Information," "Risk Factors" and other sections of the Company's
Form 10-K and other filings with the Securities and Exchange
Commission. DATASOURCE: Fidelity National Financial, Inc. CONTACT:
Daniel Kennedy Murphy, Senior Vice President and Treasurer,
Fidelity National Financial, Inc., +1-904-854-8120, Web site:
http://www.fnf.com/
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