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Starboard Value, affiliates cut stake in Stewart Information Services

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.