Fidelity National Title Group, Inc. Announces the Formation of a Special Committee of its Board of Directors to Evaluate and Negotiate with Fidelity National Financial
April 26, 2006
JACKSONVILLE, Fla., April 27 /PRNewswire-FirstCall/ -- Fidelity National Title Group, Inc. (NYSE: FNT), a majority-owned, publicly traded subsidiary of Fidelity National Financial, Inc. (NYSE: FNF) announced that its Board of Directors has formed a special committee to evaluate and negotiate a formal proposal, when and if received from FNF, with respect to the previously announced FNF plan to eliminate the FNF holding company structure and result in what will become a new FNF and the existing Fidelity National Information Services, Inc. (NYSE: FIS - News) becoming independent public companies.
The plan announced by FNF involves a number of transactions that would effectively result in the three public companies that currently comprise the FNF family of companies, FNF, FNT and FIS, becoming two public companies, a new FNF and the existing FIS. The new FNF would have no ownership interest in FIS and FNT would no longer be used as a trading symbol.
FNF has announced that completion of the transactions would be subject to a number of conditions, including but not limited to, preparation of a definitive proposal for the transactions and negotiation of definitive agreements; approval of the boards of directors and shareholders of each of FNF, FNT and FIS; the receipt of a private letter ruling from the Internal Revenue Service; the clearance of proxy statements and registration statements by the Securities and Exchange Commission; the receipt of all necessary regulatory approvals for the transfer of FNF's specialty insurance operations to FNT and for the spin-off of FNT's insurance operations; the receipt of necessary approvals under credit agreements of FNF, FNT and FIS and any other material agreements; and any other conditions set forth in the definitive agreements for the transactions, once completed. There can be no assurance that any or all of these conditions will be satisfied or that the transactions will be completed.
Source: Fidelity National Title Group, Inc.