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FNF to pay USD37.14 per LPS share based on final exchange ratio
Monday 30 December 2013

30 December 2013 – US title insurer Fidelity National Financial Inc (NYSE:FNF) today announced the exchange ratio with regard to its planned cash-and-stock takeover of Lender Processing Services Inc (NYSE:LPS), saying it will be paying an aggregate sum of about USD37.14 (EUR26.93) per share.

In late May, FNF said it had entered into an agreement to take over LPS for USD33.25 per share, or a total of USD2.9bn. At that time, the company had agreed to pay 50% of the sum in cash and the other half in stock. However, the consideration mix was eventually changed a couple of times and FNF is now expected to pay 82% of the total price in cash and just 18% in stock.

The buyer will use an exchange ratio of 0.28742, based on an average FNF common stock price of USD31.459. The total amount that will be paid for a share comprises USD28.10 in cash and USD9.04 in stock.

Overall, FNF will issue some 25.9m own shares as part of the transaction, which is now expected to close on 2 January 2014.

LPS delivers technology solutions and services along with data and analytics to mortgage lenders, servicers and investors in the US.
Date Published: 30/12/2013
Target: Lender Processing Services Inc (LPS)
Country: USA
Deal Size: 2.9bn (USD)
Sector: Banking/Financial services
Type: Corporate acquisition
Financing: Cash & Stock
Status: Agreed
Buyer: Fidelity National Financial Inc (FNF)