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CoreLogic Says Studying CoStar Offer

 
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.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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