LPS Stockholders Approve Acquisition By Fidelity National Financial

Posted by Patrick Barnard on December 20, 2013 No Comments
Categories : Mortgage Servicing

Lender Processing Services Inc. (LPS) – a provider of technology, services, data and analytics to the mortgage and real estate industries – has announced that its stockholders voted to adopt the previously announced merger agreement providing for the acquisition of LPS by Fidelity National Financial Inc. (FNF).

More than 98% of the votes cast at the Special Meeting of Stockholders were in favor of the transaction, representing more than 78% of all outstanding shares, says LPS.

As previously announced on May 28, the board of directors of LPS approved a definitive agreement under which FNF will pay in cash $28.102 per LPS share and a certain number of shares of FNF equal to the exchange ratio (as described in the definitive proxy statement relating to the merger).

The transaction, which is expected to close at or around the end of this year, remains subject to the satisfaction of the closing conditions set forth in the merger agreement, including regulatory approvals.

Earlier this year, an investor with shares in LPS reportedly filed a lawsuit in an effort to stop the FNF takeover, claiming that the company was being sold for less than it is worth.

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