The Law Firm of Wohl & Fruchter is Investigating the Acquisition of Lender Processing Services, Inc.
The Law Firm of Wohl & Fruchter is Investigating the Acquisition of Lender Processing Services, Inc. by Fidelity National Financial, Inc.
NEW YORK--(BUSINESS WIRE)-- The law firm of Wohl & Fruchter LLP is investigating the proposed acquisition of Lender Processing Services, Inc. (LPS) (NYS: LPS) by Fidelity National Financial, Inc. (Fidelity).
LPS provides integrated technology, data, and services to the mortgage lending industry in the United States. LPS has said that its technology is used by lenders to handle about 50 percent of all U.S. mortgages by dollar value, and that the firm's biggest customers are Wells Fargo & Co. and JPMorgan Chase & Co.
On May 28, 2013, LPS announced that it had agreed to be acquired by Fidelity for approximately $2.9 billion, or $33.25/share. Half of the consideration will be paid in cash, and half in newly issued Fidelity common stock. The acquisition price is less than 1% over the closing price of LPS on May 24, 2013.
An analyst at BTIG noted a "significant degree of dissatisfaction with the deal price among LPS shareholders with whom we have spoken."
LPS had previously been spun off from Fidelity in 2008.
Wohl & Fruchter's investigation concerns the potential unfairness of the consideration being provided to LPS shareholders, and whether approval of the transaction was improperly motivated by any conflicts of interest.
Additional information is available at http://www.wohlfruchter.com/cases/lps.
Persons with relevant information, and LPS shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140, or contacting the attorney below.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
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