⁍ CoStar Group Inc and a private equity consortium led by Warburg Pincus and GTCR are among the bidders for CoreLogic.
⁍ The interest in CoreLogic comes after investment firms Cannae Holdings Inc and Senator Investment Group LP made a $7 billion offer for the company.
⁍ CoreLogic shares were up 14.5% at $78.19 on Wednesday morning in New York.
– A private equity consortium led by Warburg Pincus and GTCR is just one of a number of private equity groups interested in acquiring property data and analytics company CoreLogic, sources tell Reuters. The interest comes after investment firms Cannae Holdings and Senator Investment Group made a $7 billion offer for the company and launched a campaign to take over its board of directors. CoreLogic had said it was not in the best interest of its shareholders to open its books to Cannae and Senator for an offer that undervalues the company. The two investment firms have amassed a 15% stake in CoreLogic and have nominated nine directors to the company’s 12-member board. CoreLogic shareholders are due to vote on the board’s composition on Nov. 17. Cannae and Senator have said CoreLogic is enjoying the peak of the mortgage cycle, given that record-low interest rates have fueled a boom in parts of the property market. They have argued that the consortium is an ideal buyer of CoreLogic because Cannae’s chairman, Bill Foley, has over three decades’ experience as a financial industry operator. Yet their sizable stake in CoreLogic would also deliver them a big gain were another suitor to clinch a deal for the company. CoreLogic shares were up 14.5% at $78.19 on Wednesday morning in New York.
Source: https://www.reuters.com/article/us-corelogic-m-a/costar-group-private-equity-firms-vying-to-acquire-corelogic-sources-idUSKBN27D25Q