📋 Tender Overview
Following todays announcement by Fidelity National Financial Inc. Bureau of Competition Director Bruce Hoffman made this statementTodays announcement from Fidelity National Financial Inc. and Stewart Information Services Corporation that they will abandon their proposed transaction is good news for everyone who requires title insurance when purchasing real estate in the United States. These customers will continue to benefit from vigorous competition for title insurance underwriting and title information services. Last week the Commission voted 3-1-1 to issue the administrative complaint and authorize staff to seek a temporary restraining order and preliminary injunction in federal district court to stop the proposed 1.2 billion acquisition.The FTC alleged that the merger would reduce the Big 4 to the Big 3 title insurers substantially reducing competition in state markets for title insurance underwriting for large commercial transactions and in several local markets for title information services.
