Fidelity National Financial Ups The Offering Ante (FNF)

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By Douglas A. McIntyre Updated Published
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Fidelity National Financial, Inc. (NYSE: FNF) has priced its secondary offering this morning, and the result is that it ended up selling more stock than what it had originally planned.  The title insurance, specialty insurance, claims management services and information services provider sold some 15.8 million shares of its common stock at $19.00 per share.

J.P. Morgan and Goldman Sachs are the joint book-running managers.  Co-Managers are listed as Barclays, Keefe Bruyette & Woods, Piper Jaffray, and Stephens Inc.  The underwriters have an overallotment option to sell 2.37 million additional shares at the offering price.

The company has said that the net proceeds are for general corporate purposes, including the potential repayment of indebtedness under its existing $1.1 billion credit agreement.

Shares closed down over $3.00 at $19.30 yesterday, and shares are trading at $18.80 in pre-market trading.  The 52-week trading range is $6.66 to $22.85.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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