Fidelity National Financial reiterates support for tracking stock proposal.
BANKING AND CREDIT NEWS-June 10, 2014--Fidelity National Financial reiterates support for tracking stock proposal
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10 June 2014 -
Florida US-based Fidelity National Financial Inc (NYSE: FNF) said it has reiterated its support for the tracking stock structure and strongly urged FNF stockholders to vote "for" the tracking stock proposal and said on the reports of Institutional Shareholder Services and Glass Lewis & Co.
According to the firm, the tracking stock proposal would result in FNF's existing common stock being reclassified into two new tracking stocks that would separately track and reflect the economic performance of FNF's core title insurance, real estate technology and mortgage related businesses assets and its various portfolio company investments.
FNF said that, after careful consideration, including the assistance of outside experts and conversations with FNF stockholders, the FNF board of directors, as well as the company's management, determined that implementation of a tracking stock structure would enhance the value of FNF for the benefit of the company's stockholders.
The firm said it believes that ISS and Glass Lewis based their respective recommendations on a number of uncertain assertions and thus reached the wrong conclusion in not recommending that FNF stockholders vote "FOR" the Tracking Stock Proposal.
FNF's board of directors said it believes that the tracking stock is in the best interests of FNF and its stockholders and will enhance the value of the company's shares.
Fidelity National Financial is a provider of title insurance, technology and transaction services to the real estate and mortgage industries.
Find out more at www.fnf.com.
1 USD = .60 GBP
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jun 10, 2014|
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