CoreLogic Inc. (NYSE: CLGX), an Irvine-based provider of real estate and insurance data, today announced that its board of directors has called a special meeting for Nov. 17 for shareholders to vote on the replacement of up to nine CoreLogic directors with nominees identified by Senator Investment Group LP and Cannae Holdings Inc.
“In order to remove uncertainty for our shareholders, the board has scheduled the meeting so that Senator and Cannae will have no reason to continue the convoluted two-step solicitation process they are now pursuing,” Chairman Paul Folino said in a statement issued today.
“The board continues to believe Senator and Cannae’s unsolicited proposal to acquire CoreLogic at $65 per share is significantly undervalued — and we are confident our shareholders will agree,” he said.
Shares of CoreLogic closed Aug. 7 at $67.99 and a $5.4 billion market cap, indicating that shareholders expect a higher bid.
The Senator and Cannae offer is being led by Bill Foley, who was well known in Orange County circles in the 1990s as the chief executive of Fidelity National Financial Inc. (NYSE: FNF), a title insurer once based in Irvine and which has since relocated to Florida.
Evercore is serving as financial adviser to CoreLogic and Skadden, Arps, Slate, Meagher & Flom is serving as CoreLogic’s legal adviser.
For more on the battle for CoreLogic, see the Orange County Business Journal’s print edition this week.