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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
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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