Deep in the news last Friday was the following which announced that Fidelity had terminated its agreement to purchase LandAmerica. The deal is, by all accounts, officially off.
LandAmerica’s stock price fell approximately 88% to $.54 per share today on the news that the deal with Fidelity had fallen through.
Where LandAmerica goes after this is anyone’s guess. It appears as though LandAmerica’s debt situation was a major factor in Fidelity’s decision to terminate the agreement. Is there another suitor well enough off to acquire LFG? Can they survive without one? This one leaves more questions than answers.
The title industry anxiously waits to hear what happens next.