First American Moves Closer to Spin-Off
December 15, 2009
The First American Corp. on Dec. 14 filed a Form 10 registration statement with the Securities and Exchange Commission (SEC), which is an important step toward the completion of the company’s previously announced separation of its financial services businesses from its information solutions businesses.
The transaction, which is expected to close on April 1, 2010, includes the formation of First American Financial Corp., which will be comprised of First American’s financial services businesses and includes its title segment. Upon completion of the transaction, First American shareholders will receive 100 percent of the common stock of the newly formed First American Financial Corp.
Dennis Gilmore, First American’s current chief operating officer, will be named chief executive officer of the financial services company. First American announced Dec. 4 that it is looking for a new chief executive officer of its information solutions group, as Frank McMahon left the position after 19 months. The company reported it has named former CEO of recently acquired First Advantage Corp., Anand K. Nallathambi, as president and COO of the group. Parker Kennedy, chairman and chief executive officer of First American, will become executive chairman of both companies.
The Form 10 registration statement contains important information about the transaction and the anticipated businesses of First American Financial Corp., including pro forma financial information. A copy of the Form 10 is available on the company’s Web site at click here.www.firstam.com/investor.
The company will hold a conference call to further discuss the Form 10 registration statement on Wednesday, Dec. 16, 2009, at 4:30 p.m. ET. The toll-free dial-in number is (888) 790-1724. Callers from outside the United States may dial (517) 308-9149. The pass code for the call is First American.
A live audio webcast of the call and an accompanying slide presentation will be available on First American’s Web site at href=www.firstam.com/investor>click here.www.firstam.com/investor. An audio replay of the conference call will be available through Dec. 23, 2009, by dialing (203) 369-3587. An audio archive of the webcast will also be available for replay on First American’s investor Web site.