LandAmerica Moves Forward
November 21 2008 - 8:00PM
PR Newswire (US)
Merger Agreement with Fidelity Terminated RICHMOND, Va., Nov. 21
/PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc.
(NYSE:LFG) announces that the merger agreement previously executed
on November 7, 2008 with Fidelity National Financial, Inc.
("Fidelity") has been terminated. Under the agreement, Fidelity had
sole discretion to terminate on or before November 21, 2008.
LandAmerica Chairman and Chief Executive Officer Theodore L.
Chandler, Jr. said, "We are disappointed with Fidelity's decision;
however, our attention remains focused on strengthening
LandAmerica's business and exploring strategic alternatives during
these incredibly difficult economic times." About LandAmerica
Financial Group, Inc. LandAmerica Financial Group, Inc. is a
leading provider of real estate transaction services with offices
nationwide and a vast network of active agents. LandAmerica serves
its agent, residential, commercial and lender customers throughout
the United States, Mexico, Canada, the Caribbean, Latin America,
Europe and Asia. LandAmerica is recognized as number one in the
mortgage services industry on Fortune's(R) 2007 and 2008 lists of
America's Most Admired Companies. The Company cautions readers that
the statements contained herein regarding the Company's future
financial condition, results of operations, future business plans,
operations, opportunities, or prospects, including any factors
which may affect future earnings, are forward-looking statements
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based upon management's current knowledge and
assumptions about future events and involve risks and uncertainties
that could cause actual results, performance or achievements to be
materially different from any anticipated results, performance or
achievements, expressed or implied by such forward-looking
statements. Such risks and uncertainties include: (i) the Company's
results of operations and financial condition are susceptible to
changes in mortgage interest rates and general economic conditions;
(ii) changes to the participants in the secondary mortgage market
could affect the demand for title insurance products; (iii) the
Company is subject to government regulation; (iv) heightened
regulatory scrutiny of the Company and the title insurance
industry, including any future resulting reductions in the pricing
of title insurance products and services, could materially and
adversely affect the Company's business, operating results, and
financial condition; (v) the Company may not be able to fuel its
growth through acquisitions; (vi) the Company's inability to
integrate and manage successfully the Company's acquired businesses
could adversely affect the Company's business, operating results,
and financial condition; (vii) regulatory non-compliance, fraud or
defalcations by the Company's title insurance agents or employees
could adversely affect its business, operating results, and
financial condition; (viii) competition in the Company's industry
affects its revenue; (ix) significant industry changes and new
product and service introductions require timely and cost-effective
responses; (x) the Company's litigation risks include substantial
claims by large classes of claimants; (xi) the Company's claims
experience may require the Company to increase its provision for
title losses or to record additional reserves, either of which may
adversely affect its earnings; (xii) key accounting and essential
product delivery systems are concentrated in a few locations;
(xiii) provisions of the Company's articles of incorporation and
bylaws and applicable state corporation and insurance laws could
limit another party's ability to acquire the Company and could
deprive shareholders of the opportunity to obtain a takeover
premium for shares of common stock owned by them; (xiv) the
Company's future success depends on its ability to continue to
attract and retain qualified employees; (xv) the Company's conduct
of business in foreign markets creates financial and operational
risks and uncertainties that may materially and adversely affect
its business, operating results, and financial condition; and (xvi)
various external factors including general market conditions,
governmental actions, economic reports and shareholder activism may
affect the trading volatility and price of the Company's common
stock. For a description of factors that may cause actual results
to differ materially from such forward-looking statements, see the
Company's Annual Report on Form 10-K for the year ended December
31, 2006, and other reports from time to time filed with or
furnished to the Securities and Exchange Commission. The Company
cautions investors not to place undue reliance on any
forward-looking statements as these statements speak only as of the
date when made. The Company undertakes no obligation to update any
forward-looking statements made in this release. DATASOURCE:
LandAmerica Financial Group, Inc. CONTACT: Pamela Pastor, Investor
Relations Specialist, +1-804-267-8043, , or Lloyd Osgood, SVP -
Corporate Communications, +1-804-267-8133, , both of LandAmerica
Financial Group, Inc. Web site: http://www.landam.com/
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