First American acquires First Advantage following subsequent offer

By Lisa Kerner

Charlotte, N.C., Nov. 18 - First American Corp. completed its buy-in of First Advantage Corp., acquiring all the outstanding First Advantage shares not tendered in its exchange offer in a short-form merger under Delaware law, it was announced on Wednesday.

A subsequent offering period for First Advantage shares ended on Tuesday.

According to First American, a total of 13,975,239 shares, or 89%, of First Advantage class A common stock was tendered and accepted for purchase in the exchange offer.

First Advantage, now a wholly owned subsidiary of First American, will have its class A common stock delisted from the Nasdaq Stock Market, a First American news release said.

In June, First American announced plans to acquire First Advantage, offering 0.58 shares of its common stock for each share of First Advantage common stock in a deal valued at about $18.37 per share.

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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