Cash portion of FNF's acquisition of FGL is oversubscribed

  • Not surprisingly, the number of FGL Holdings (NYSE:FG) shares voting to receive a cash election in the acquisition of FG by Fidelity National Financial (NYSE:FNF) exceeded the $1.47B in cash that FNF was offering.
  • FG holders were able to elect to receive $12.50 in cash or 0.2558 shares of FNF common stock per FG share.
  • Holders of ~176.4M FG ordinary shares, or about 87.8% of the company's ordinary shares outstanding, elected to receive the cash consideration, and holders of ~3.49M FG ordinary shares, representing ~1.7% of FG ordinary shares outstanding, chose the stock consideration.
  • Holders of ~10.5% of FG shares outstanding did not make an election.
  • Cash election shares are expected to be converted into the right to receive a combination of stock and cash; the exact allocation hasn't yet been determined..
  • Shares held by those who chose stock or who didn't make a choice are expected to be converted into the right to receive all stock.

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