FNF Seeks to Buy FNIS

Fidelity National Financial Inc., Irvine, Calif., which owns approximately 66% of Fidelity National Information Solutions, Santa Barbara, Calif., has announced a proposal to acquire all the remaining outstanding shares of FNIS.The proposal represents a fixed exchange ratio of 0.805 shares of FNF common stock for each share of FNIS, the companies said. Based on FNF's closing price of $38.36 on May 23, the proposed offer price would total $24.70 per share of FNIS, a 25.4% premium to the latter's closing price of $19.70 on that date. "With FNF's recent acquisition and the formation of Fidelity Information Services, we believe it makes strategic sense to fully integrate FNIS back into FNF," said FNF president Raymond R. Quirk. "FNIS can better capitalize on the significant technology resources of FIS, and we can provide more cohesive technology solutions to our customers by combining all our resources at FNF." The companies can be found online at http://www.fidelitynational.com and http://www.fnis.com.