After Senator Investment Group and Cannae Holdings withdrew their $66 per share takeover bid, the board of property data provider CoreLogic has announced that it is conducting a thorough strategic review to maximize shareholder value.
“The Board is open to all paths to create value and is focused on reviewing strategic alternatives,” the company said in the announcement. “The board’s willingness to engage with third parties has already resulted in interest at levels far in excess of Senator/Cannae’s lowball $66 per share proposal. The board is willing to engage with all credible potential buyers expressing interest at an appropriate price level.”
Senator/Cannae, CoreLogic’s largest shareholder, first bid to acquire the company in July, then upped its offer in September. They dropped their offer after CoreLogic said it was exploring offers of more than $80 per share, but continue to fight to replace all of CoreLogic’s board at its November 17 annual meeting.
In its announcement, however, CoreLogic accused Senator/Cannae of “pursuing a misinformation campaign aimed at distracting our shareholders and destroying value. First, they urged that CoreLogic shareholders support a $66 per share proposal while attempting to undermine the Company’s value with a stream of mischaracterizations and false statements. Now, they are trying to undermine the board’s strategic review, advocating a rushed process, and pushing nominees who were hand-picked in support of a platform that $66 per share is the right price for CoreLogic — and that an agreement to be acquired with a go-shop at that price would lead to value maximization.”
