First Advantage's special committee to consider First American offer

By Lisa Kerner

Charlotte, N.C., July 21 - The special committee of First Advantage Corp.'s board of directors has retained Morgan Stanley & Co. Inc. as its financial adviser.

Morgan Stanley, along with the legal adviser Dewey & LeBoeuf LLP, will assist in the special committee's evaluation of First American Corp.'s June 29 unsolicited proposal.

According to First Advantage, the company's majority stockholder, First American, offered to acquire all of the issued and outstanding shares of First Advantage it does not already own at a fixed exchange ratio of 0.5375 of a share of First American common stock for each share of the company's common stock.

As previously reported, First American, a Santa Ana, Calif., business information company, indirectly owns approximately 74% of First Advantage's common stock.

First Advantage provides risk mitigation and business solutions. The company is based in Poway, Calif.

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