Commercial real estate data and analytics company CoStar Group has increased its bid to acquire 100% of the equity interests of residential data company CoreLogic to approximately $97 per share based on the latest 30-day volume-weighted average CoStar share price. Under the terms of the new proposal, CoreLogic shareholders would receive $6.00 per share in cash and 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock.
“This implies a headline value of $90 per share based on CoStar’s latest closing share price and $97 per share based on the latest 30-day volume-weighted average CoStar share price,” wrote CoStar CEO Andrew Florance in a letter to CoreLogic’s board.
Previously, CoreLogic has agreed to an offer from Stone Point Capital and Insight Partners to acquire all outstanding shares of CoreLogic for $80 per share in cash. CoStar then made an unsolicited bid of common stock exchanges that valued CoreLogic at $95.76 per share (about $6.9 billion).
