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.
