Company Also Suspends Dividend Reinvestment Plan Pending Merger with Fidelity
National Financial, Inc.
CHICAGO, Jan. 25 /PRNewswire/ -- Today the board of directors of Chicago
Title Corporation (NYSE: CTZ) declared a first quarter dividend on its common
stock of $0.36 per share, payable in cash on March 15, 2000 to stockholders of
record at the close of business on February 16, 2000. In the event that
Chicago Title's planned merger with Fidelity National Financial, Inc.
(Fidelity) becomes effective prior to March 1, 2000, then the dividend shall
be prorated by multiplying the $0.36 by a fraction, the numerator of which is
the number of days which have elapsed from December 1, 1999, the record date
of the last quarterly dividend, and the denominator of which is 90.
In light of Chicago Title's pending merger with Fidelity, the Board also
approved the suspension, effective February 2, 2000, of the Chicago Title
Corporation Dividend Reinvestment/Stock Purchase Plan. As a result, any
dividends paid to stockholders by Chicago Title will not be reinvested in
additional shares, but instead will be paid in cash by Harris Trust and
Savings Bank, Chicago Title's stock transfer agent.
The final permitted purchases of Chicago Title shares under the Dividend
Reinvestment/Stock Purchase Plan will occur on February 1, 2000. Any shares
held by Harris Trust for stockholders' accounts will continue to be held
during the suspension, unless stockholders elect to terminate their
participation in the plan.
Chicago Title Corporation is a leading national real estate services
company that provides a full range of services required to complete real
estate transactions. With over 340 full service offices, 9,000 employees and
4,400 policy-issuing agents nationwide, it provides title insurance, escrow,
closing services, property valuation, credit reporting, flood compliance, home
warranty, default management and real estate information and technology
services. Chicago Title is the parent of Chicago Title and Trust Company,
Chicago Title Insurance Company, Security Union Title Insurance Company, and
Ticor Title Insurance Company. A comprehensive package of real estate
services is available through CastleLink(SM), which delivers title products as
well as the products of Chicago Title Flood Services, Inc., Chicago Title
Credit Services Inc., Chicago Title-Market Intelligence Inc., Chicago Title
Field Services Inc. and Consolidated Reconveyance.
The statements made in this press release contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that involve a number of
uncertainties and risks that could significantly affect current plans and
anticipated actions and Chicago Title's future financial condition and
results. In addition to the matters described in this press release, risk
factors listed from time to time in Chicago Title's reports and filings with
the Securities and Exchange Commission may affect the results achieved by
Chicago Title.
For more information on Chicago Title Corporation via fax, free of charge,
dial 1-800-PRO-INFO and enter the ticker "CTZ."
SOURCE Chicago Title Corporation
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Related links:
http://www.ctt.com
CONTACT:
Analysts, Toshie Y. Davis, Vice President,
Investor Relations, 312-223-4788, or Media, Barbara Harms, Vice
President, Corporate Communications, 312-223-2461, both of
Chicago Title Corporation
NOTE TO EDITORS: For further information on Chicago Title's
products and services, visit our web side at http://www.ctt.com
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