Plus   Neg

Stewart Ends Merger Deal With Fidelity National; Names Frederick Eppinger CEO

Real estate services company Stewart Information Services Corp. (STC) announced Tuesday the mutual termination of its merger agreement with Fidelity National Financial, Inc. (FNF) after failing to obtain the necessary approval by the U.S. Federal Trade Commission (FTC).

In light of the FTC's decision, the Stewart Board has clearly determined to leverage its strong brand, financial position, and valued employees to grow the organization as a standalone entity to create greater shareholder value.

In connection with the termination of the merger agreement, Fidelity has agreed to pay a $50 million reverse termination fee to Stewart that was contemplated by the merger agreement.

Stewart has also announced changes to its executive leadership to support strategic focus on revenue growth and pre-tax margin improvement.

Effective immediately, current director Frederick Eppinger will become CEO while Matthew Morris, who has served as CEO since 2011, will remain with the company and assume the role of President.

John Killea, who has been President since 2017, will remain General Counsel and Chief Legal Officer, roles he has held since 2008 and 2012, respectively.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Lowe's Companies Inc. (LOW) and Office Depot Inc. (ODP) reported profit for their fourth-quarter, while TJX Companies' (TJX) profit increased 17 percent from the prior year. TJX plans to increase dividend by 13 percent and to buy back up to $2.25 billion of stock. Starbucks is introducing plant-based meat to its menu in Canada in early March. The Seattle-based coffee chain said it will introduce a new Beyond Meat, Cheddar and Egg Sandwich to its Canadian stores on March 3, along with the launch of its new spring menu. The meatless breakfast sandwich will be part of Starbucks Canada's core menu. Auto major Ford Motor Co. issued a safety compliance recall for a total of 217,185 F-150 pickup trucks with LED headlamps in North America, including 50,989 in Canada, to fix issues with the headlamps that could increase risk of a crash. The F-150 has been the top selling U.S. vehicle by any manufacturer for more than 40 years.
Follow RTT