First American begins subsequent offer for First Advantage shares

By Lisa Kerner

Charlotte, N.C., Nov. 11 - First American Corp. said 13,779,301 shares, or 88%, of the class A common stock of its subsidiary, First Advantage Corp., were validly tendered in First American's exchange offer that ended at 5 p.m. ET on Tuesday.

The number of shares tendered included 737,241 shares subject to guaranteed delivery procedures.

A subsequent offering period for the remaining shares ends at 5 p.m. ET on Nov. 17, a First American news release said.

First Advantage shareholders will receive the same consideration in the subsequent offer as in the original offer - 0.58 shares of First American common stock.

Once the subsequent offering period ends, First American said it intends to merge First Advantage with a subsidiary of First American.

First Advantage will become a wholly owned subsidiary of First American and will be delisted from the Nasdaq Stock Market.

First American is a Santa Ana, Calif., business information company.

Poway, Calif.-based First Advantage provides risk mitigation and business services.

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