Fidelity National Financial Execs Make Use of Stock Options; the Move Comes in Preparation for the Company's Impending Stock Redistribution

By Karkaria, Urvaksh | The Florida Times Union, October 12, 2006 | Go to article overview

Fidelity National Financial Execs Make Use of Stock Options; the Move Comes in Preparation for the Company's Impending Stock Redistribution


Karkaria, Urvaksh, The Florida Times Union


Byline: URVAKSH KARKARIA

Three top executives, including the chief executive, at Fidelity National Financial have exercised options totalling 4.3 million shares, in connection with the planned distribution of Fidelity National Title Group shares.

Stock options give the holder the right to buy or sell stock at a specified price and time. Options can be exercised for cash or in exchange for another company's stock.

Fidelity's main businesses are its majority ownership of two other public companies based in Jacksonville, Fidelity National Title, or FNT, and Fidelity National Information Services Inc. As part of a reorganization expected to be completed by early November, the information services business, FIS, will become a separate company and the title and other insurance businesses will be wholly owned by Fidelity National Financial.

Effective Oct. 24, Fidelity National Financial, or FNF, will distribute its 85 percent stake in FNT to FNF shareholders. Under the plan, FNF shareholders will get about 1.05 shares of FNT, for every FNF share they own.

The three executives were required to exercise most of their existing options before Oct. 24, said Dan Murphy, a Fidelity senior vice president.

Because FNF shares convert to FNT shares after Oct. …

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