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Santa Ana’s First American announces stock exchange
The nation’s largest business information provider will trade publicly held shares of First Advantage Corp.
By Susan BelknappPublished: October 08, 2009 02:18 AM
The First American Corp. the largest provider of business information, announced Thursday that it will launch an exchange offer for all publicly held shares of the common stock of its subsidiary, First Advantage Corp. First American indirectly owns or controls approximately 80 percent of First Advantage's common stock.
Under the proposed terms of the exchange offer, First Advantage's
stockholders would receive 0.58 of a First American common share for each share of First Advantage common stock tendered in the exchange offer and accepted for purchase by First American.
Based on First American's closing stock price on Wednesday, Oct. 7, the exchange ratio represents an offer price of $18.86 per share and a 48 percent premium to First Advantage's closing stock price on June 26, the last trading day prior to the announcement by First American of its intention to acquire First Advantage.
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Under the proposed terms of the exchange offer, First Advantage's stockholders would receive 0.58 of a First American common share for each share of First Advantage common stock tendered in the exchange offer and accepted for purchase by First American. Based on First American's closing stock price on Wednesday, Oct. 7, the exchange ratio represents an offer price of $18.86 per share and a 48 percent premium to First Advantage's closing stock price on June 26, the last trading day prior to the announcement by First American of its intention to acquire First Advantage. NEXT PAGE >> Related headlines American Institute of Architects O.C. honors top regional projects UC Irvine Medal event raises $1.1 million Local.com turns 10; CEO rings NASDAQ opening bell Olympic coach Hugh McCutcheon speaks for 100 men |
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