Fidelity Terminates Agreement to Buy LandAmerica

RICHMOND, VA-Fidelity National Financial has decided to call off its offer to acquire LandAmerica Financial. Two weeks ago, the company announced it wanted to buy the locally-based title insurer in a deal valued at $128 million–contingent upon a two week due diligence review. That period ended Friday and apparently Fidelity’s findings have convinced the firm that it will not realize the synergies that it had originally expected.

Neither company was able to return a call to GlobeSt.com in time for publication. Both issued terse statements announcing the deal is off.

“We are disappointed with Fidelity’s decision,” LandAmerica Chairman and Chief Executive Officer Theodore L. Chandler, Jr. says in a prepared statement. “However, our attention remains focused on strengthening LandAmerica’s business and exploring strategic alternatives during these incredibly difficult economic times.”