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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lender Processing Services, Lender Processing Services, | NYSE:LPS | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 37.30 | 0.00 | 01:00:00 |
From May 2019 to May 2024
By Everdeen Mason
Fidelity National Financial Inc. (FNF) said it is pursuing strategic options for its portfolio-company investments, including a possible spinoff or sales.
In addition to being a title insurer and mortgage services company, Fidelity has major investments in the restaurant industry, including a 55% stake in American Blue Ribbon Holdings, which owns and operates O'Charley's and Max & Erma's; an 87% stake in J. Alexander's; and a 51% stake in electrical parts manufacturer Remy International Inc. (REMY).
Fidelity said it hired J.P Morgan Chase & Co.'s (JPM) securities unit to look at opportunities to increase the value of its investments. The company also said implementing tracking stocks is under consideration.
"The portfolio company investments have significant value which may not be fully reflected in our stock price and we believe there are attractive alternatives we can pursue to unlock the value of these investments for the benefit of FNF and our shareholders," Chairman William P. Foley II said.
Foley said the company is focused on completing the acquisition of fellow mortgage services company Lender Processing Services Inc. (LPS), which is expected at the end of 2013 after a special stockholder vote Dec. 19.
Fidelity's shares closed Monday at $29.54. The stock is up 26% over the past 12 months.
Write to Everdeen Mason at everdeen.mason@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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