lender processing services (LPS) Snapshot

The Shareholders Foundation, Inc. announced that an investor who holds Lender Processing Services, Inc. (LPS) shares filed a lawsuit to stop the proposed takeover of Lender Processing Services, Inc. by Fidelity National Financial, Inc. for $33.25 per LPS share. On May 28, 2013, Fidelity National Financial, Inc. and Lender Processing Services, Inc. announced the signing of an agreement under which Fidelity National Financial will acquire all of the outstanding common stock of Lender Processing Services for $33.25 per common share. Under the terms of the agreement, Fidelity National Financial will pay 50% of the consideration for the Lender Processing Services shares of common stock in cash and 50% in shares of Fidelity National Financial common stock, subject to adjustment. However, the plaintiff alleges that the defendants breached their fiduciary duties owed to LPS stockholders by agreeing to sell the company too cheaply via an unfair process.

Lender Processing Services, Inc. announced that it has integrated its Loan Quality Gateway, Powered by RealEC® with the Global DMS eTrac Enterprise platform. LPS and Global DMS clients that utilize the Loan Quality Gateway’s Exchange network are now able to seamlessly access the eTrac Enterprise platform for efficient, compliant appraisal transaction processing. A part of LPS’ comprehensive origination technology offering, Loan Quality Gateway’s Exchange is an electronic partner network that enables thousands of service providers to connect securely and electronically to their lending clients through a standards-based data exchange. eTrac Enterprise is Global DMS’ Web-based, all-in-one collateral process management solution that streamlines workflows, eliminates errors and speeds up the valuation process. Global DMS’ valuation management solution allows lenders to effortlessly manage the entire appraisal management process from vendor management to appraisal ordering, assignment, tracking, appraisal reviews, delivery and reporting. The eTrac Enterprise system also has options designed to handle all aspects of managing appraisal management companies (AMCs) and independent real estate appraisers.

To discuss the acquisition of Lender Processing Services, Inc. by Fidelity National Financial, Inc.