NEW YORK, May 29, 2013 (GLOBE NEWSWIRE) -- The fairness of the proposed acquisition of Lender Processing Services, Inc. ("LPS" or the "Company") by Fidelity National Financial, Inc. ("FNF") is the subject of an examination by WeissLaw LLP, a national class action, shareholder rights law firm. The examination is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of LPS for agreeing to sell the Company to FNF. On May 28, 2013, the companies jointly announced they had reached a definitive agreement for Fidelity National to acquire all outstanding shares of Lender Processing Services for $33.25 per common share, for a total equity value of $2.9 billion. Under the terms of the agreement, LPS shareholders will receive 50% of the consideration for the LPS common stock in cash and 50% in shares of FNF common stock, subject to certain adjustments.
WeissLaw LLP is investigating whether LPS' Board acted to maximize shareholder value prior to entering into the agreement with FNF. Notably, prior to the announcement of the deal, at least one analyst set a price target for LPS stock significantly above the price offered by FNF under the merger agreement, with a price target of $36.00 – or $2.75 above the price offered by FNF.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell LPS and whether LPS shareholders will obtain their fair proportionate share of the Company's continued success and future growth prospects. If you own LPS shares and would like more information about your rights or our investigation, please contact Joshua Rubin or Kelly Keenan either by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
The firm is also in the process of investigations on behalf of shareholders of CapLease Inc., Smithfield Foods, Inc., Stewart Enterprises Inc. and rue21, Inc.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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