The total consideration that will be paid for a share of LPS common stock will be approximately $37.14, consisting of $28.10 in cash and $9.04 in FNF common stock.
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Lender Processing Services, Inc. (LPS) made its earnings announcement for the third quarter, reporting a 16% drop in revenue. The company, a provider of technology and data services to the real estate and mortgage industries, reported quarterly revenue of $419.0M, down 15.8% from the $497.5M reported a year earlier. Earnings were down as well, from $58.3M and $0.69 per share in the year-ago quarter to $35.5M and $0.41 per share. Earlier this year, LPS entered a merger agreement under which Fidelity National Financial would acquire the company. Regarding the company’s performance, president and CEO Hugh Harris commented that LPS recently signed a five year contract with a major client and that it is adjusting to market changes.
You're right, something is wrong. They have known this was coming. The robo-signing issues have not been settled. LPS got sued two weeks ago in D.C. Superior Court, case no. 000-3715, for trillions of dollars [statutory damages], along with Fannie Mae and both MERS corporations. The lawsuit covers every MERS titled conveyance document recorded nationwide up to July 2011, which the lawsuit says that all were fraudulent. Fidelity Financial is being added to the lawsuit. LPS can fight the litigation and Fidelity can't afford for LPS to roll over on them because Fidelity has been writing title policies on property that does not have clear title. The merger will never happen as long as either one of them are facing this lawsuit.
I'm just an average person. But, if anyone just cuts you loose and then all of a sudden wants you back, there's something wrong. Apparantly, they spun off LPS because they were afraid of the possible consequences of the upcoming "robo-signing issues, and now that it's all settled, they want them back!
Is this someone you trust!
LPS has had a negitive reputation which wasn't true, and the big money guys (like Cody Williard and others) took advantage of rumors and made a lot of money kicking the dog. I hope you all are on top of this because LPS has suffered 30 - 40% down because of A. wrong rumors and B. the past housing bubble. Guess what? They're coming back. The rumors were basically lies and housing (i.e.mortgages) are coming back big time. Think about it. If housing (i,e, LEN, TOL, etc.) are on the rise, then so is/will LPS (who services 55% of all the mortgages in the U.S.). I rest my case!