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Lender Processing Services Inc Announces Adjustment to Consideration Mix in Acquisition by Fidelity National Financial Inc

Wednesday, 19 Jun 2013 06:46pm EDT 

Lender Processing Services Inc announced that Fidelity National Financial Inc has exercised its option to adjust the consideration mix in its previously announced acquisition of LPS by increasing the cash component of the total consideration by approximately $500 million and correspondingly decreasing the stock component of the total consideration by an equal amount. FNF will directly provide $300 million of the $500 million increase, with funds affiliated with Thomas H. Lee Partners, L.P. (THL) providing the remaining $200 million. The total consideration will be unchanged and the additional $500 million cash component will be offset by an equal reduction in the stock component of the total consideration. On May 28, 2013, LPS signed a definitive agreement under which FNF will acquire all of the outstanding stock of LPS for $33.25 per common share, for a total equity value of approximately $2.9 billion. Under the definitive agreement, FNF's shares of common stock have been valued at $25.489 per share (the Reference Price). Based on the increased cash component of the total consideration, that now represents a fixed exchange ratio of 0.42948 shares of FNF common stock for each share of LPS common stock. Based on the Reference Price, FNF currently expects to issue approximately 37.8 million shares of FNF common stock to LPS common stockholders, representing approximately 14.2% of FNF's pro-forma, fully diluted outstanding shares. 

Company Quote

0.18 +0.54%
19 Dec 2014