Lender Processing Announces Expiration Of Go-Shop Period

(RTTNews) - Lender Processing Services Inc. (LPS) Monday announced the expiration of the "go-shop" period pursuant to the terms of the merger deal among the company, Fidelity National Financial Inc. (FNF) and Lion Merger Sub Inc., a unit of Fidelity.

During the "go-shop" process, Lender Processing was permitted to actively solicit alternative acquisition proposals from third parties until July 7. While the company engaged in an extensive solicitation of 42 potentially interested parties in connection with the "go-shop" period, it did not receive any alternative acquisition proposals, Lender Processing said.

The company's board continues to recommend that its stockholders adopt the merger agreement with Fidelity. The deal is subject to approval by both companies' stockholders, among other conditions.

Closing of the deal is expected to occur in the fourth quarter of 2013.

Lender Processing Services delivers comprehensive technology solutions and services, as well as powerful data and analytics to mortgage lenders, servicers and investors.

In May, title insurer Fidelity National Financial agreed to acquire Lender Processing Services for $33.25 per common share in a cash and stock deal valued at about $2.9 billion.