Fidelity National Financial, Inc. Announces Chapter 11 Bankruptcy Court Approval of Amended Stock Purchase Terms and Nebraska Re
December 22 2008 - 1:13PM
PR Newswire (US)
JACKSONVILLE, Fla., Dec. 22 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. (NYSE:FNF) today announced that the
Chapter 11 Bankruptcy Court has approved amended terms related to
the 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"). The amended terms will reduce the total
purchase price for Commonwealth and Lawyers to approximately $235
million. Chicago Title Insurance Company ("Chicago Title") and
Fidelity National Title Insurance Company ("Fidelity National
Title") will pay a total of approximately $135 million in cash to
LFG. Additionally, FNF will pay LFG a total consideration of
approximately $100 million consisting of a $50 million subordinated
note due in 2013, with interest at the 5-year treasury rate at
closing plus 1 percent, and approximately $50 million in FNF common
stock. Additionally, the Nebraska rehabilitation court has issued
an order to release Commonwealth and Lawyers from rehabilitation
subject to the closing of the FNF acquisition of the two
underwriters. FNF expects closing of the transaction to take place
later this afternoon, December 22, 2008, subject to the
satisfaction of all remaining closing conditions. 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 of
Fidelity National Financial, Inc., +1-904-854-8120, Web site:
http://www.fnf.com/
Copyright
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Jul 2024 to Aug 2024
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Aug 2023 to Aug 2024