Advertisement
YOU ARE HERE: LAT HomeCollections

ORANGE COUNTY BRIEFLY

March 31, 1995

U.S. Facilities' Bid Rejected Again: Medical insurance provider U.S. Facilities Corp. said Thursday it will not consider Irvine title insurance underwriter Fidelity National Financial Inc.'s renewed bid to acquire U.S. Facilities. Fidelity last week resurrected a previously rejected offer to acquire U.S. Facilities for $15 a share. In a letter delivered Thursday to Fidelity Chairman William P. Foley, U.S. Facilities President David L. Cargile said the company had rejected the same offer in May. "For (you) to assert that this reiterated offer represents ' extraordinary value ' to our stockholders is ridiculous," Cargile said. The next move is up to Fidelity, which has threatened to launch a proxy battle to win U.S. Facilities shareholder support for the purchase bid if the company's directors reject it--as they have.

Advertisement
Los Angeles Times Articles
|
|
|