Fidelity National to Sell Shares – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19104/Fidelity+National+to+Sell+Shares+-+Zacks+Tale+of+the+TapePosted on Tuesday, April 14th, 2009 | In Market Commentary, Stocks to Watch
Fidelity National Financial Inc. (FNF) shares slumped on Tuesday after the title insurer said it plans to make a public offering of 13.30 million shares of its common stock.
The Jacksonville, Florida-based company intends to use proceeds from the offering for general corporate purposes, including the possibility of repaying debt under its $1.1 billion syndicated credit contract.
Fidelity’s debt burden had increased when it bought three units of bankrupt rival LandAmerica Financial Group Inc. last December. The company has granted underwriters the option to buy up to 2 million additional shares.
As the offering would further dilute the troubled insurer’s earnings, shareholders sent the stock down nearly 11% to $20.15 at noon on the New York Stock Exchange. Fidelity National shares had touched an intraday low of $19.68 earlier in the session.
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