The First American Financial Corporation repurchases 997,756 of its shares


The First American Financial Corporation announced today that it had repurchased 997,756 of its shares, representing approximately 18% of its outstanding stock, from American Century Corporation in San Antonio, Texas. The shares were purchased for a total consideration consisting of $29.50 cash per share and two real property assets located in California. Concurrently with the closing of the purchase transaction, the company's subsidiary, First American Title Insurance Company, entered into long-term leases of these properties with American Century.

The company's board of directors determined that the purchase was advantageous to the company and its shareholders in that it provided a unique opportunity to acquire a large block of its stock in a single transaction. Pursuant to California law, the shares are retired and, to the extent not reissued, should result in an increase in per share earnings.


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