First American shareholder monitoring company's spinoff

By Lisa Kerner

Charlotte, N.C., Jan. 17 - First American Corp. investors led by Highfields Capital Management LP said they plan to continue discussions with the company's management regarding "operational and structural issues," including the company's planned spinoff and other extraordinary corporate transactions, according to a schedule 13D filing with the Securities and Exchange Commission.

On Jan. 15, First American announced plans to spin off its title insurance and specialty insurance businesses into a separate public company called First American Financial Corp.

In connection with the spinoff, the investors intend to discuss with First American, as well as others, "various matters related to the business strategy, operations, capital structure, board of directors and management appointments" of the company and the separate companies resulting from the spinoff.

First American's property information and mortgage information segments, along with First American's 75% interest in First Advantage Corp., will stay with the existing holding company, which will be renamed.

The investors own 8,866,479 shares, or 9.7%, of the Santa Ana, Calif., business information company.

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