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CoreLogic Says Activists Need Higher Bid to See Books

CoreLogic Inc. (NYSE: CLGX), an Irvine-based provider of property data, today said activists must raise their takeover offer before being allowed to see the company’s books.

Cannae Holdings Inc. and Senator Investment Group LP, which hold a combined 15% of the shares, on June 26 made a $7 billion takeover offer to buy each share for $65 in cash. The offer places CoreLogic’s equity value at $5.2 billion and its debt around $1.8 billion.

“The CoreLogic Board will not provide non-public information to Senator and Cannae unless they first raise their offer to a level that provides appropriate value to our shareholders — reflecting our strong multi-year outlook recently disclosed to all shareholders,” CoreLogic said in a statement.

“Granting diligence for an offer that significantly undervalues CoreLogic is not in the best interests of other shareholders,” said CoreLogic, which has previously rejected the $65 offer.

Corelogic shares rose about 0.3% to $68, a sign of where investors believe an increased offer will be.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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