Days after residential real estate data company CoreLogic announced that its board had approved a definitive agreement under which funds managed by Stone Point Capital and Insight Partners will acquire all outstanding shares of CoreLogic for $80 per share in cash (approximately $6.0 billion), commercial real estate data company CoStar Group made a competing bid of common stock exchanges that valued CoreLogic at $95.76 per share (about $6.9 billion).
In his letter to the board, CoStar CEO Andrew Florance said, “We do not believe the ending transaction maximizes value for CoreLogic stockholders and we continue to believe in the strong strategic rationale for the combination of our two companies.”
In a statement, CoreLogic acknowledged receipt of the bid, but observed that “The merger agreement remains in full force and effect, and the board of directors of CoreLogic has not withdrawn or modified its recommendation that the stockholders of CoreLogic vote in favor of the approval of the merger, the merger agreement and the transactions contemplated thereby.”
CoreLogic’s board, the company continued, will carefully review the proposal in consultation with its outside legal counsel and financial advisors to determine whether it is or would reasonably be expected to result in a superior proposal.
