Following the announcement that Fidelity National Financial Inc. agreed to acquire Stewart Information Services Corp., Starboard Value LP and affiliates disclosed that they cut their stake in the Houston-based global real estate services company.

Starboard and affiliates hold less than 1% of the company's stake as of March 21, a sharp decline from the 9.7% stake disclosed earlier this year. In January, Starboard Value and affiliates entered into a joint filing and solicitation agreement related to Stewart Information Services securities and sought to nominate Gavin Molinelli, Roslyn Payne and George Scanlon for election to the Stewart Information Services board.