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SCOTTSDALE, AZ-Capital Title Group Inc., the 25-year-old, locally based title insurance underwriter, is now part of Richmond, VA-based LandAmerica Financial Group, the largest provider of title insurance in the US. Under terms of the $248.3-million transaction, LandAmerica has acquired 100% of Capital Title's common stock for net cash of about $199.3 million and about 776,000 shares of LandAmerica common.
Capital Title stockholders have until 5 pm Friday to decide if they will take cash or stock from the deal. The transaction calls for 80% of Capital Title shares to be exchanged for $8 in cash per share and 20% being exchanged for 0.12 shares of LandAmerica common per share.
Capital Title common opened yesterday on Nasdaq-Global Select Market at $7.96 per share. LandAmerica opened on the NYSE at $64.69 per share.
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