From Biz Journals:
Fidelity National Financial Inc. will buy the title insurance subsidiaries of LandAmerica Financial Group Inc. following the company’s filing for bankruptcy. The move comes just days after Fidelity announced it had scuttled plans to acquire all of LandAmerica.
LandAmerica said Fidelity’s decision to pull out of acquiring it “accelerated” its path to bankruptcy. Fidelity (NYSE: FNF) balked on Friday at closing the deal with LandAmerica (NYSE: LFG) because it was “pursuant to its contractual due diligence termination right.” The Jacksonville company could complete the acquisition of the LandAmerica title companies as soon as the end of December.
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