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Irvine-based CoreLogic Inc. (NYSE: CLGX), the real estate data provider that recently agreed to sell itself for $6 billion, said it will “carefully review” a $6.9 billion rival bid by CoStar Group Inc. (Nasdaq: CSGP).
CoreLogic, which last year fought off a proxy battle where activist investors offered $66 a share, on Feb. 4 announced it had accepted an $80 a share offer from Stone Point Capital and Insight Partners. CoreLogic today said that $80 offer “remains in full force and effect.”
On Feb. 16, CoStar offered $95.76 a share for CoreLogic.
CoreLogic today said the offer means its shareholders would receive $6 per share in cash and 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock. That offers implies about $458 million in cash and 7.8 million shares of CoStar, which were worth around $6.3 billion before CoreLogic’s announcement.
CoStar shares dropped 13% in after hours trading to about $708.95. The shares have fallen from around $940 since mid-February when the company’s interest in CoreLogic became public.
Separately, CoreLogic’s shares rose 1% in after hours trading to $86.26, an indication that investors aren’t convinced a deal will be made.
CoreLogic earlier today reported fourth-quarter adjusted profit more than doubled to $1.51 a share as revenue jumped 33% to $468 million. Analysts had expected earnings of $1.17 on sales of $436.3 million.