the wasserblawg

Inman News Reports: Fidelity National Financial Inc. has called off its plan to acquire troubled rival LandAmerica Financial Group Inc., the companies said Friday, calling into doubt LandAmerica's long-term prospects. Fidelity and LandAmerica both issued terse statements at 8 p.m. Eastern Time Friday saying Fidelity had exercised its right to back out of the deal during a due diligence period. LandAmerica lost $599.6 million during the third quarter and was in danger of defaulting on its debts, the company said in a recent regulatory filing. Fidelity announced an agreement on Nov. 7 to acquire LandAmerica in an all stock deal valued at $128 million