First Advantage (FADV) Confirms Acquisition Offer From First American Corporation
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First Advantage Corporation (Nasdaq: FADV) confirmed that it has received an unsolicited proposal from The First American Corporation 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% 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% of the Company's common stock and controls approximately 98% of the voting power of the Company.
First Advantage Corporation provides risk mitigation and business solutions in the United States and internationally. [SM]
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