Source: GlobeSt
Richmond, VA - After a roller coaster two weeks in which LandAmerica Financial Group though it would be acquired--and then found out it wouldn’t--the title insurer has declared bankruptcy.
It is now selling three subsidiaries to Fidelity National Financial Inc.--its erstwhile suitor and rival, which at the beginning of November offered to purchase LandAmerica in a stock transaction valued at $128 million. Citing the terms of the acquisition offer, Fidelity backed out after a two-week due diligence period. Under a newly-inked stock purchase agreement, Fidelity is now paying $298 million in total for Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co., and United Capital Title Insurance Co. Specifically, it is grabbing LandAmerica’s two main underwriting subsidiaries--Commonwealth Land for $158.6 million and United Capital for $139.4 million. These transactions are subject to approvals by the bankruptcy court, the Nebraska Department of Insurance, and other state and federal regulatory agencies. The companies are hoping to close by December 2008 and are requesting an expedited approval from the Bankruptcy Court.
Continue Reading Article at GLOBEST ...
RSS Feed