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Title insurer LandAmerica sinks on merger termination
(Reuters) - Shares of title insurer LandAmerica Financial Group Inc LFG.N sank as much as 89 percent, touching their lifetime low, after bigger rival Fidelity National Financial Inc (FNF.N) withdrew its offer for the company on Friday.
"We are disappointed with Fidelity's decision; however, our attention remains focused on strengthening LandAmerica's business and exploring strategic alternatives during these incredibly difficult economic times," Chief Executive Theodore Chandler said.
Fidelity National, one of the largest U.S. title insurers, agreed to buy LandAmerica for about $126 million in stock in early November.
Shares of Glen Allen, Virginia-based LandAmerica were down $3.80 at 54 cents, while those of Jacksonville, Florida-based Fidelity were up 53 cents at $7.92 Monday on the New York Stock Exchange.
(Reporting by Anurag Kotoky in Bangalore; Editing by Anil D'Silva)
