Fidelity National Plans a $10-Million Offering
Fidelity National Financial Inc., the Irvine parent of several title insurers, told the federal Securities and Exchange Commission recently that it plans to offer 750,000 shares, valued at more than $10 million, to the public through investment bankers Oppenheimer & Co. Inc. and Furman Selz Inc.
Proceeds from the sale would be used to pay a portion of the costs of acquiring Meridian Title Insurance Co. and its subsidiaries, the company said.
The company has long tried to stir investor interest in its stock to no avail. But lately Fidelity has been doing well, posting record profits last year, and some stock analysts have been recommending the shares.
Other shareholders, including Chairman and President William P. Foley II, plan to sell another 200,000 shares. Foley intends to reduce his stake in the company to 24% from 30.4%.
Fidelity National is parent of Fidelity National Title Insurance Co. and several other title insurers operating in 33 states.
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