Dec. 30, 2013, 10:25 AM
- The exchange ratio of 0.28742 is based on the average Fidelity National (FNF) price of $31.459 over the past ten sessions. At that level, total consideration to Lender Processing Services (LPS) shareholders will be $37.14 per share - $28.10 in cash and $9.04 in FNF common stock.
- Fidelity's shares are currently at $32.59.
- Closing is scheduled for January 2.
- Press release
Dec. 24, 2013, 12:17 PM
- The proposed settlement has Fidelity National Financial (FNF +2.5%) agreeing to sell title plant assets in six Oregon counties and an ownership interest in LPS' (LPS +1.2%) share of a jointly owned plant in the Portland area. Title plants are the databases used by abstractors, title insurers, and title insurance agents to determine the title status of real property.
- Fidelity announced the agreement to purchase LPS in late May in a $2.9B deal.
Oct. 22, 2013, 9:00 AM| Comment!
Oct. 17, 2013, 4:27 PM| Comment!
Sep. 3, 2013, 10:57 AM
- KBW's Bose George upgrades title insurers Fidelity National Financial (FNF +3.5%) and First American Financial (FAF +2.6%) to Buy, telling clients his team is changing its valuation approach for a greater focus on longer-term earnings.
- The sector (FNF and FAF control about 2/3 of U.S. title insurance volume) has underperformed this year on concern about slowing refinance volume, but George expects the market to look past the valley and see strong earnings growth in 2015 and beyond as the home purchase market continues its recovery.
- He notes MBA mortgage data - slowing big-time of late - understates purchase activity as it does not track cash sales which happen to a fast-growing segment of total activity.
- The price target for FNF is hiked to $31 from $27, in part as George boosts his 2014 EPS estimate to $1.85 from $1.66 thanks to the acquisition of Lender Processing Services (LPS) - expected to close in Q4.
- FAF's price target is unchanged at $28.
Aug. 9, 2013, 9:17 AM
Jul. 18, 2013, 4:28 PM
Jul. 8, 2013, 10:26 AM
Jun. 20, 2013, 8:52 AMFidelity National Financial (FNF) adjusts the mix in its $2.9B acquisition of Lender Processing Services (LPS) increasing the cash component by $500M and reducing the stock component by the same. After the change, about two-thirds of the purchase is being made with cash. LPS' "go-shop" period remains until July 7 (break-up fee of 1.25%). (PR) | Comment!
May. 28, 2013, 8:09 AMAs expected, Fidelity National Financial (FNF) announces the purchase of Lender Processing Services (LPS) in a 50% cash, 50% stock deal valued at about $2.9B. At Friday's closing prices, this values LPS at $33.25/share. Fidelity expects the purchase to be 11.3% accretive to this year's earnings. FNF +2.7%, LPS +2.4% to $33.79 premarket (PR) | Comment!
May. 22, 2013, 7:13 PMLender Processing Services (LPS) is the subject of acquisition talks with Fidelity National (FNF) and buyout shop Thomas H. Lee, with a price tag of about $2.9B, the WSJ reports. Fidelity National was LPS' parent until a 2008 spinoff; a deal would not only bring the service provider back into FNF's umbrella, but mark the latest of many deals Fidelity's made with Thomas H. Lee. The deal values LPS at about $33/share; it closed Wednesday at $29.11. | 3 Comments
May. 6, 2013, 9:01 AM
Apr. 24, 2013, 5:03 PM
Apr. 24, 2013, 12:10 AMNotable earnings after Wednesday’s close: AFL, AIZ, AKAM, ANGI, ARII, ARRS, ASGN, AVG, BAS, BDN, CAKE, CCI, CDNS, CLF, CLGX, CMO, CMRE, COG, CROX, CTXS, DRE, DRWI, EFX, EQIX, FFIV, FIO, FLS, GGG, INFN, ISIL, ITMN, JAH, KEX, LOGI, LPS, LRCX, LSI, MLNX, NEU, NOW, OIS, ORLY, OTEX, PDH, PMTC, QCOM, RJF, RYL, SCI, SKX, SRCL, SUSQ, SYK, TAL, TER, TEX, TQNT, TSCO, TWI, VAR, WCN, WDC, WLL, XLNX, XNPT, ZNGA | 1 Comment
Apr. 23, 2013, 5:35 PMNotable earnings after Wednesday’s close: AFL, AIZ, AKAM, ANGI, ARII, ARRS, ASGN, AVG, BAS, BDN, CAKE, CCI, CDNS, CLF, CLGX, CMO, CMRE, COG, CROX, CTXS, DRE, DRWI, EFX, EQIX, FFIV, FIO, FLS, GGG, INFN, ISIL, ITMN, JAH, KEX, LOGI, LPS, LRCX, LSI, MLNX, NEU, NOW, OIS, ORLY, OTEX, PDH, PMTC, QCOM, RJF, RYL, SCI, SKX, SRCL, SUSQ, SYK, TAL, TER, TEX, TQNT, TSCO, TWI, VAR, WCN, WDC, WLL, XLNX, XNPT, ZNGA | Comment!
Apr. 18, 2013, 5:07 PM
LPS vs. ETF Alternatives
Lender Processing Services Inc provides integrated technology and outsourced services to the mortgage lending industry in the United States. It operates in two segments: Technology, Data and Analytics; and Loan Transaction Services.
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