Stewart Title Insurance Co. Completes Acquisition of Monroe Title Insurance Corp. of Rochester, N.Y.
February 8, 2006
HOUSTON--(BUSINESS WIRE)-- Stewart Title Insurance Co. has completed its acquisition of Monroe Title Insurance Corp. by merger, effective Feb. 3.
Stewart Title Insurance Co. is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE:STC) the merger, pending since July 2005, had been awaiting Monroe Title shareholder and regulatory approvals. Those approvals have been received, and the closing has been completed.
As a result of the merger, the shareholders of Monroe Title Corp. will receive cash consideration of $21.15 per share, in cash, without interest. In addition, shareholders may be entitled to receive additional payments pursuant to the merger agreement.
Monroe Title will operate as a wholly owned subsidiary of Stewart Title Insurance Co. as a licensed title insurer. It will continue to provide Monroe Title search and title insurance products through its network of 23 offices and current staff of 200 employees.
"We are pleased this acquisition has been completed," said John Welling, president, Stewart Title Insurance Co. "Monroe Title is a fine addition to the Stewart family. We look forward to combining the strengths of both companies to better serve all customers in these expanded markets."