Fidelity Sets Exchange Ratio for Thursday’s $2.9B LPS Acquisition
December 30th, 2013
Title insurer Fidelity National Financial Inc. will issue 25.9 million shares of common stock to shareholders of Lender Processing Services Inc. as the stock component of a $2.9 billion acquisition scheduled to close Thursday, Jan. 2.
In announcing the exchange ratio today, Fidelity said the total consideration for a share of LPS common stock will consist of $28.10 in cash and $9.04 in Fidelity common stock.
Last week the Federal Trade Commission — which had charged that the deal was likely to “substantially lessen competition” — announced that Fidelity had agreed to resolve those claims by “selling a copy” of LPS title plants in six Oregon counties and an ownership interest equivalent to LPS? share of a jointly owned title plant in the metro Portland area. Source: prnewswire.com.
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