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Brown Deer-based Metavante (NYSE: MV) and Fla.-based Fidelity National (NYSE: FIS) had announced the transaction Apripl 1 and said they expectedc to close the deal by thethire quarter. Fidelity National and Metavante executives said Mondayg morning that the companies have each receiver a request for additional informatiob and documentary material from the Departmen tof Justice. The so-called second request is a procedurre in the regulatory process underthe Hart-Scott-Rodinio Antitrust Improvements Act.
Fidelity National and Metavants are in the process of gatherinv information in response tothe request, and are cooperatinb with Department of Justice reviewsx of the proposed the companies said. The Justice Departmenyt request extends the waitingv period imposed bythe Hart-Scott-Rodino Act until 30 days after the companies substantially comply with the unless that period is extended voluntarily by the companies and Justicd Department or terminated sooner by the Justices Department, the companies The proposed merger also remains subject to customarty conditions, including shareholder Metavante has agreed to a $3 billion acquisition by Fidelituy National in a deal that is expected to resulrt in the loss of hundreds of jobs as the companiesa look to cut $260 millionh in annual costs.
Metavante has about 2,700 employees in metro Milwaukee. Assumingg the transaction receivesregulatory approval, the mergedr company’s headquarters will be in Jacksonviller and Metavante CEO Frank Martire will relocate therre and serve as CEO. Metavantes stock was trading at $25.51, down 89 Monday morning. Fidelity National was trading at down34 cents.
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