CoStar Group Inc. boosted its offer to acquire CoreLogic Inc. to $95.76 a share, topping a bid the property-data company accepted earlier this month. CoreLogic’s recent agreement with funds managed by Stone Point Capital and Insight Partners “was materially less than our last all-stock offer,” CoStar Chief Executive Officer Andrew Florance said in a letter Tuesday to CoreLogic’s board.
CoreLogic has become an appealing target as the U.S. housing market booms, fueled by historically low mortgage rates. The buying and refinance frenzy has ignited interest in real estate technology. Funds managed by Stone Point Capital and Insight Partners agreed to buy CoreLogic earlier this month in a deal with an equity value of about $6 billion. That came after CoStar made an offer worth $86 a share, according to Bloomberg calculations.
The investors had offered to buy the company in June but pulled out of the sales process after CoreLogic said it had received indications of interest at $80 or above. The duo, which said they weren’t interested in acquiring CoreLogic at that price, had offered $66 a share to buy the company.
Source: BNN Bloomberg
By Prashant Gopal
