First American Completes Spin-off
June 1, 2010
First American Financial Corp., a provider of title insurance and settlement services for residential and commercial real estate transactions, and CoreLogic Inc., a provider of consumer, financial and property information and business services, today announced their formal separation into two independent publicly traded companies.
The separation was accomplished through the spin-off of the common stock of First American Financial Corp. to the shareholders of The First American Corp. In the transaction, The First American Corp., which will reincorporate today in Delaware and assume the name CoreLogic Inc., distributed one share of First American Financial common stock for each common share of The First American Corp. outstanding as of the close of business on May 26. The distribution will be issued in book entry form only, so no physical share certificates will be issued. Cash will be issued in lieu of any fractional shares.
On June 2, 2010, First American Financial common stock will begin trading on the New York Stock Exchange under the FAF ticker symbol utilized by its former parent and CoreLogic common stock will begin trading on the New York Stock Exchange under its new ticker symbol, CLGX.
"Today is the culmination of the many months of hard work necessary to accomplish the launch of these two exciting companies," said Parker S. Kennedy, executive chairman of both First American Financial and CoreLogic. "On behalf of the boards of directors of both companies, I thank the dedicated employees that made this transaction possible and I congratulate Dennis Gilmore, the chief executive officer of First American Financial, and Anand Nallathambi, the chief executive officer of CoreLogic, as they formally assume the leadership of these two public companies and begin the effort to capitalize on the many opportunities that the separation presents."
Don’t miss Thursday’s TitleNews Online, as Gilmore offers a glimpse into First American’s strategy for its title insurance business following the spin-off.