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CoreLogic rejects $7 billion takeover bid from investment firms

Christian Fernsby ▼ | July 7, 2020
CoreLogic announced that its Board of Directors has unanimously rejected the unsolicited proposal from Senator Investment Group LP and Cannae Holdings received on June 26, 2020 to acquire all outstanding common shares of CoreLogic for $65.00 per share in cash.
CoreLogic
Takeover   CoreLogic
After a careful and thorough review, conducted in consultation with its independent financial and legal advisors, CoreLogic’s Board of Directors unanimously concluded that the unsolicited proposal significantly undervalues the Company, raises serious regulatory concerns, and is not in the best interests of its shareholders.

Topics: CoreLogic

Paul Folino, Chairman of the Board, said, “Our Board is open to all viable paths to increasing shareholder value, and we are willing to meet with Senator and Cannae, but given CoreLogic’s strong momentum, increasing margins, accelerating growth, and multi-faceted value-creation model, we are unanimous in our belief that CoreLogic will be able to deliver significantly more value to shareholders than this opportunistic proposal. The proposal also fails to address the serious regulatory concerns raised by significant overlaps between CoreLogic and the network of companies associated with Cannae’s Chairman, including Black Knight and Fidelity National.”


 

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