If Fidelity National's offer is accepted, each share of MGEN common stock will be exchanged for 0.696 shares of FNIS common stock. In turn, Micro General will become a subsidiary of Fidelity National. According to a recently released company statement, "the tender offer is scheduled to expire at 5 p.m., New York City time, on Friday, June 28, 2002, unless extended, and expected to be followed by a merger in which MGEN will become a wholly owned subsidiary of FNIS."
Both Micro General and Fidelity National are majority-owned subsidiaries of Fidelity National Financial Inc. Therefore, MGEN's board of directors appointed a special committee of independent directors to evaluate the tender offer. The board is now recommending the FNIS offer based on the advice of that committee.
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