Fidelity closes on Sanchez
14 April 2004 | 1765 views | 0
Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today announced the closing of the acquisition of Sanchez Computer Associates, Inc. (Sanchez).
In connection with the acquisition, each outstanding share of common stock of Sanchez for which a valid election was not made was converted into the right to receive $3.25 in cash and .08365 shares of FNF common stock.
Sanchez shareholders had the opportunity to elect to receive the merger consideration in the form of cash or FNF common stock, subject to adjustment based on the elections.
Sanchez shareholders owning 14,530,734 Sanchez shares elected to receive cash and 8,274,898 elected to receive FNF common stock. Sanchez shares electing cash will receive $5.10 in cash and .03601 shares of FNF common stock. Shares electing to receive FNF common stock will receive 0.1673 shares of FNF common stock.