On November 7th, while I was at the NAR convention in Orlando, Fidelity surprised us all by announcing that it would be acquiring LandAmerica in an all stock deal valued at $128 million. This merger would have great the largest title insurance group with about a 45% market share. In terms of the agreement Fidelity had time till today, November 21st to back out of the deal based on their due diligence. Well, last night, Friday at 8:00PM Eastern time they did exactly that.
The deals off!
Hello Stefan, Somehow in light of what has been going in the market place, I am not surprised. I think Fidelity which has survived many slow downs over the past number of decades and always seemed to have a conservative business model, made the right decision.
I heard about his a couple of weeks ago. I admit I was a little surprised but Fidelity has been around long enough to know what they are doing.
Right you are Bill.
Their recent lay offs and salary reductions are a good indication that it is better to be prudent at this stage than greedy.
Thanks for update. Was questioning is they would carry the debt.
John
UPDATE Wednesday Nov 26, 2008
LandAmerica filed for Chapter 11 bankruptcy protection but still plans to sell the assets to Fidelity.
Stefan
UPDATE Wednesday Dec 17, 2008.
Fidelity National Financial Inc. has been given the green light from the Nebraska Insurance Regulators and a federal bankruptcy court in Virginia to buy LandAmerica Financial Group Inc.'s two largest underwriting subsidiaries, Lawyers Title Insurance Corp. and Commonwealth Land Title Insurance Co., for $282 million.
that's funny ~~
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