JACKSONVILLE, FL (July 8, 2013) 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 the expiration of the "go-shop" period pursuant to the terms of the previously announced merger agreement dated May 28, 2013, among LPS, Fidelity National Financial, Inc. (NYSE: FNF) and Lion Merger Sub, Inc., a subsidiary of FNF.
During the "go-shop" process, LPS was permitted, on the terms and subject to the conditions of the merger agreement, to actively solicit alternative acquisition proposals from third parties until 5:00 p.m., New York City time, on July 7, 2013. LPS engaged in an active and extensive solicitation of 42 potentially interested parties in connection with the "go-shop" period, which resulted in three parties negotiating and entering into confidentiality agreements with LPS. Despite its solicitation efforts, LPS did not receive any alternative acquisition proposals during the "go-shop" period.
The LPS board of directors continues to recommend that LPS stockholders adopt the merger agreement with FNF.
The transaction is subject to approval by LPS and FNF stockholders, approvals from applicable federal and state regulators and satisfaction of other customary closing conditions. Closing of the transaction is currently expected to occur in the fourth quarter of 2013.
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 offers the only end-to-end suite of solutions that 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.