Keith Meister's hedge fund firm Corvex Management filed an amended 13D with the SEC regarding its activist position in Fidelity National Financial (FNF). Per the filing, Corvex now owns 7.3% of the company with over 18.2 million shares.
They exercised calls on December 10th and acquired 15,451,900 shares in aggregate.
The filing also indicates that Corvex continues to engage with management:
"The Reporting Persons applaud the Issuer’s decision to explore strategic alternatives with regards to its non-core assets in order to unlock value not reflected in the current share price. In addition, the Reporting Persons are pleased with the Issuer’s decision to focus capital allocation going forward towards the new core business and away from non-core businesses. The Reporting Persons look forward to a continued, constructive dialogue with the Board and Management of the Issuer."
You can view the details of Corvex's initial position here.
Friday, December 13, 2013
Corvex Management Exercises Calls on Fidelity National Financial, Applauds Management's Moves
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