Santa Ana-based CoreLogic Inc. said it is forming an independent committee to explore strategic options, including a possible merger or a sale of the data services company.
The company’s board of directors has retained New York-based investment bank Greenhill & Co. to serve as a financial advisor to assist the committee in its evaluation, CoreLogic said after the market closed on Monday.
Potential strategic options “aimed at enhancing shareholder value” include cost savings initiatives, stock and bond buybacks, the disposition of business lines, and a potential sale or merger, the company said.
CoreLogic was spun off last year from Santa Ana-based First American Corp., one of the country’s largest title insurers. The split also created Santa Ana-based First American Financial Corp.
CoreLogic provides consumer, financial and property data for real estate, mortgage and other businesses. It counts a market value of about $940 million. Shares have fallen some 40% in the past month after the company lowered its earnings estimate for the rest of the year.
The company recently disclosed plans to move its headquarters from Santa Ana to the Irvine Spectrum. The move is set to occur next year.
Shares of CoreLogic were up about 5% in after-hours trading.
