LandAmerica Announces Capital Title Stockholder Election Results
|September 25, 2006|
RICHMOND, Va., LandAmerica Financial Group, Inc. announced the results of elections made by stockholders of Capital Title Group, Inc. with respect to the form of consideration to be received in connection with its acquisition of Capital Title.
According to the final tabulation submitted by Computershare Shareholder Services, Inc., the exchange agent for the acquisition, approximately 71.5 percent of Capital Title stockholders elected to receive cash consideration and approximately 21.9 percent elected to receive LandAmerica common stock.
As a result, all shares of Capital Title common stock for which a cash election was properly made, or for which no election was made, now represent a right to receive $8.00 in cash. Shares of Capital Title common stock for which a stock election was properly made are subject to proration, with approximately 91.12 percent of such shares now representing the right to receive .12261 shares of LandAmerica common stock and the remainder of such shares now representing the right to receive $8.00 in cash. No fractional shares will be issued, and any fractional interests will be settled in cash at a rate of $63.21 for each whole share of LandAmerica common stock.
Source: LandAmerica Financial Group, Inc.