First Advantage Corporation Announces Receipt of Proposal From The First American Corporation
29 Junho 2009 - 4:05PM
PR Newswire (US)
POWAY, Calif., June 29 /PRNewswire-FirstCall/ -- First Advantage
Corporation (NASDAQ:FADV) (the "Company"), a global risk mitigation
and business solutions provider, today confirmed that it has
received an unsolicited proposal from The First American
Corporation ("First American") to acquire all of the issued and
outstanding shares of the Company's common stock not owned by First
American at a fixed exchange ratio of 0.5375 of a share of First
American common stock for each share of the Company's common stock.
According to First American, the proposed exchange ratio represents
an offer price of $14.04 per share of the Company's common stock
and a 10.2 percent premium to the Company's stock price, based on
the closing prices of the common stock of the Company and First
American on June 26, 2009. First American's proposal is subject to
confirmatory due diligence, the negotiation of a mutually
acceptable definitive acquisition agreement and the receipt of all
necessary stockholder and regulatory approvals. According to First
American, First American indirectly owns approximately 74 percent
of the Company's common stock and controls approximately 98 percent
of the voting power of the Company. First American's proposal is
under consideration by the Special Committee of the Board of
Directors of the Company, which is comprised of directors who are
unaffiliated with First American. The Special Committee is being
assisted in its consideration of First American's proposal by its
legal advisor, Dewey & LeBoeuf LLP, and is currently in the
process of selecting a financial advisor. About First Advantage
Corporation First Advantage Corporation (NASDAQ:FADV) combines
industry expertise with information to create products and services
that organizations worldwide use to make smarter business
decisions. First Advantage is a leading provider of consumer credit
information in the mortgage, automotive and specialty finance
markets; business credit information in the transportation
industry; lead generation services; motor vehicle record reports;
employment background verifications; occupational health services;
applicant tracking systems; recruiting solutions; skills and
behavioral assessments; business tax consulting services; computer
forensics; electronic discovery; data recovery; due diligence
reporting; resident screening; property management software and
renters insurance. First Advantage ranks among the top companies in
all of its major business lines. First Advantage is headquartered
in Poway, Calif., and has offices throughout the United States and
abroad. More information about First Advantage can be found at
http://www.fadv.com/. First Advantage is a majority-owned
subsidiary of The First American Corporation (NYSE:FAF), a FORTUNE
500(R) company that traces its history to 1889. First American is
America's largest provider of business information, supplying
businesses and consumers with valuable information products to
support the major economic events of people's lives. Additional
information about the First American Family of Companies can be
found at http://www.firstam.com/. Contacts: Henri Van Parys
Corporate Communications Manager 727.214.1072 Cindy Williams
Director - Investor Relations 727.214.3438 DATASOURCE: First
Advantage Corporation CONTACT: Henri Van Parys, Corporate
Communications Manager, +1-727-214-1072, , or Cindy Williams,
Director - Investor Relations, +1-727-214-3438, , both of First
Advantage Corporation Web Site: http://www.firstam.com/
http://www.fadv.com/
Copyright