Commercial property data vendor CoStar Group on Monday sweetened its offer to buy CoreLogic by adding another $450 million, hoping to seal a deal and triumph over another competing bid by private equity firms, Stone Point Capital and Insight Partners.
Under the new proposal, CoreLogic shareholders would receive $6 per share in cash and 0.1019 shares of CoStar’s common stock in exchange for each share of CoreLogic, totaling $90 per share. CoStar had made a $6.9 billion all-stock offer for CoreLogic last month, gatecrashing a smaller buyout deal between the real estate data provider and two private equity firms.
The takeover interest in CoreLogic came after activist investors Senator Investment Group LP and Cannae Holdings, Inc. began pushing the company to seek a sale by mounting their own acquisition bid, which they abandoned once the sale process got under way.
Source: Reuters
Reporting by Akanksha Rana in Bengaluru and Greg Roumeliotis in New York; Editing by Shailesh Kuber
