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CoreLogic Says Activist Offer Still Lacks ‘Appropriate Value’

CoreLogic Inc., an Irvine-based provider of global property data (NYSE: CLGX), said activist shareholders Senator Investment Group LP and Cannae Holdings Inc. have yet to revise their takeover proposal after a meeting yesterday between the two parties.

“Despite the company’s recent guidance update for 2020 and disclosure of financial projections for 2021 and 2022, Senator and Cannae have not revised their proposal to deliver appropriate value to our shareholders,” CoreLogic said in a statement after meeting the activists.

“We are open to continuing our dialogue, but we are focused on delivering superior shareholder value by executing on our plan. We are experiencing strong momentum across our business and will update the market when we release our second quarter earnings.”

CoreLogic on July 7 rejected the takeover offer, which valued the company at $65 a share. Shares were unchanged today at $66.97, an indication that shareholders expect the activists to increase their bid.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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