40 Pacifica: CoreLogic’s Irvine headquarters

40 Pacifica: CoreLogic’s Irvine headquarters

Investor activists seeking to buy CoreLogic Inc. (NYSE: CLGX), an Irvine-based provider of property data, today called for a special meeting to replace its current board of directors.

CoreLogic “has deployed a `scorched Earth’ defense,” said a letter to investors from the activists, Cannae Holdings Inc. and Senator Investment Group LP.

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The two activist investment firms, led by Bill Foley who was well known in Orange County business circles in the 1990s, 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.

CoreLogic has rejected the offer, saying it must be higher before it allows the activists to look at non-public information.

The activists today accused CoreLogic of increasing its share count to dilute their beneficial ownership from 15% to below 10% to prevent them from calling for a special meeting, among other defensive actions.

Among the nine proposed directors are executives who have much experience in proxy battles, including a former chief executive of governance firm Glass, Lewis & Co., a former managing director at Donaldson, Lufkin and Jenrette Securities and a current director at Morningstar.

Corelogic shares closed today at $68.57, an indication that investors believe the activists will have to raise their bid.