Positive attitudes are a must in this business; so are decisions ground in solid financial decisions.
Yet it seems while we need both – we often get one at the expense of the other.
The carnage continues. (Jason Conlin/stock.xchng)
Late Friday night, Inman News broke word that Fidelity National Financial has elected to back out of its agreement to purchase LandAmerica Financial Group.
What does this mean to people in Delaware, Ohio? Fidelity operates locally with Chicago Title and LandAmerica operates LandAmerica Lawyer’s Title and underwrites numerous Lawyer’s Titles throughout central Ohio.
The agreement was initially announced on November 6, but was clouded when LandAmerica announced nearly $600 million in losses the next business day.
Fidelity had until Friday to do its “due diligance” in deciding whether the deal was good for the company or not.
“We are disappointed with Fidelity’s decision; however, our attention remains focused on strengthening LandAmerica’s business and exploring strategic alternatives during these incredibly difficult economic times,” a press release quotes LandAmerica Chairman and Chief Executive Officer Theodore L. Chandler, Jr.
LandAmerica’s stock closed at $4.34 on Friday and is showing a loss of $0.12 in after-hours trading. LandAmerica has a 52-week high of $52.23. Fidelity closed trading on Friday at $7.39 on Friday but was also off by 7 percent in after-hours trading. Its 52-week high is $20.96 and is dangerously close to its 52-week low of $6.66.
Photograph by Jason Conlon and used via license of Stock.xchng.
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