On November 24, 2008, after what was thought to be the estabilshment of a definite agreement, Fidelity National Financial withdrew its offer to buy LandAmerica.
The second largest title insurer, Fidelity National Financial (FNF), announced that it has agreed to acquire LandAmerica Financial Group (LFG) . Under the terms of the merger agreement, LFG shareholders will receive 0.993 shares of FNF common stock for each share of LFG common stock.
LFG released its second quarter earnings. They reported a net loss of $3.29 per share versus a net income of $0.42 per share in the second quarter of 2007. LFG announced that it would reduce its dividend to preserve capital.