Late in Friday's regular trading session, shares of Old Republic declined more than 10 percent. This occurred after the insurance company revealed that it had withdrawn a previously announced spinoff of subsidiary Republic Financial Indemnity Group (RFIG) .
In a statement, Old Republic said the spinoff withdrawal was due to objections by shareholders.
Also, Old Republic said, "Concurrently the financial effect of the partial RFIG leveraged buy-out has been reversed." This reversal related to Old Republic's May 21 announcement that an investor group purchased a 20.6% RFIG equity stake in a partial leveraged buyout.
Old Republic traded around 0.5% higher in after-hours trading.
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