JACKSONVILLE, Fla.,
Dec. 19, 2013 /PRNewswire/
-- Lender Processing Services, Inc. (NYSE: LPS), a leading
provider of integrated technology, services, data and analytics to
the mortgage and real estate industries, today announced that its
stockholders voted to adopt the previously announced merger
agreement providing for the acquisition of LPS by Fidelity National
Financial, Inc. (NYSE: FNF) at the Special Meeting of Stockholders
held earlier today. More than 98 percent of votes cast at the
Special Meeting were in favor of the transaction, representing more
than 78 percent of all outstanding shares.
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As previously announced on May 28,
2013, the Board of Directors of LPS approved a definitive
agreement under which FNF will acquire LPS for $28.102 in cash and a certain number of shares of
FNF equal to the exchange ratio (as described in the definitive
proxy statement relating to the merger) per share. The
transaction, which is expected to close at or around the end of
2013, remains subject to the satisfaction of the closing conditions
set forth in the merger agreement, including regulatory
approvals.
About LPS
Lender Processing Services (NYSE: LPS) delivers comprehensive
technology solutions and services, as well as powerful data and
analytics, to the nation's top mortgage lenders, servicers and
investors. As a proven and trusted partner with deep client
relationships, LPS provides major U.S. banks and many federal
government agencies the technology and data needed to support
mortgage lending and servicing operations, meet unique regulatory
and compliance requirements and mitigate risk. These
integrated solutions support origination, servicing, portfolio
retention and default servicing. LPS' servicing solutions include
MSP, the industry's leading loan-servicing platform, which is used
to service approximately 50 percent of all U.S. mortgages by dollar
volume. LPS also provides proprietary data and analytics for the
mortgage, real estate and capital markets industries.
LPS is a Fortune 1000 company headquartered in Jacksonville, Fla. For more information,
please visit www.lpsvcs.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this communication regarding the proposed
acquisition of LPS by FNF, the expected timetable for completing
the transaction, benefits and synergies of the transaction, future
opportunities for the combined company and products and any other
statements regarding FNF's and LPS' future expectations, beliefs,
plans, objectives, financial conditions, assumptions or future
events or performance that are not historical facts are
"forward-looking" statements made within the meaning of Section 21E
of the Securities Exchange Act of 1934. These statements are often,
but not always, made through the use of words or phrases such as
"believe," "anticipate," "should," "intend," "plan," "will,"
"expect(s)," "estimate(s)," "project(s)," "positioned," "strategy,"
"outlook" and similar expressions. All such forward-looking
statements involve estimates and assumptions that are subject to
risks, uncertainties and other factors that could cause actual
results to differ materially from the results expressed in the
statements. Among the key factors that could cause actual results
to differ materially from those projected in the forward-looking
statements are the following: the ability to consummate the
proposed transaction; the ability to obtain requisite regulatory
approval and the satisfaction of other conditions to the
consummation of the proposed transaction; the ability of FNF to
successfully integrate LPS' operations and employees and realize
anticipated synergies and cost savings; the potential impact of the
announcement or consummation of the proposed transaction on
relationships, including with employees, suppliers, customers and
competitors; FNF and LPS are subject to intense competition and
increased competition is expected in the future; LPS' ability to
adapt its services to changes in technology or the marketplace; the
impact of changes in the level of real estate activity (including,
among others, loan originations, and refinancings in particular,
and foreclosures) on demand for certain of LPS' services; LPS'
ability to maintain and grow its relationship with its customers;
the effects of LPS' substantial leverage on its ability to make
acquisitions and invest in its business; the level of scrutiny
being placed on participants in the foreclosure business; risks
associated with federal and state enforcement proceedings,
inquiries and examinations currently underway or that may be
commenced in the future with respect to LPS' default management
operations, and with civil litigation relating to these matters;
changes to the laws, rules and regulations that regulate LPS'
businesses as a result of the current economic and financial
environment; changes in general economic, business and political
conditions, including changes in the financial markets; the impact
of any potential defects, development delays, installation
difficulties or system failures on LPS' business and reputation;
and risks associated with protecting information security and
privacy. Additional information concerning these and other factors
can be found in LPS' filings with the Securities and Exchange
Commission ("SEC"), including LPS' most recent Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. LPS assumes no obligation to update the information
in this communication, except as otherwise required by law. Readers
are cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof and LPS undertakes
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Lender Processing Services, Inc.
