FintechMortgage

Cannae, Senator send letter boosting CoreLogic bid

The companies sent shareholders a gold-colored proxy card to vote out CoreLogic's board

Cannae Holdings and Senator Investment Group sent a letter to CoreLogic shareholders on Friday urging them to vote for nine new board members to support their unsolicited buyout bid.

“One need look no further than the 40+% rise in the company’s stock price since our involvement, or CoreLogic’s largest shareholder for over seven years selling their entire 17% position around our proposal price, to see that this is what shareholders want,” the companies said in the letter, which it publicized via a press release put out by Business Wire.

Cannae and Senator said they owned a 15% economic stake in the real estate data and analytics provider, including stock and options. The two companies sent CoreLogic’s shareholders a gold-colored card to vote by proxy that would remove all nine of the existing board members and replace them with its own slate.

“CoreLogic is delivering strong financial performance and the board is confident that continued successful execution of our strategy will deliver shareholder value far in excess of $66 per share,” a CoreLogic spokesperson told HousingWire.

Last month, CoreLogic’s board called for a special shareholders meeting on Nov. 17 to vote on replacing the company’s directors with the slate backed by Cannae and Senator, saying it sought to “remove uncertainty” for shareholders.

CoreLogic said last month it believes the unsolicited proposal from Cannae and Senator to acquire CoreLogic at $65 per share “significantly undervalued” the company.

“In our view, their call to replace the CoreLogic board is an attempt to distract from their failure to put forward a proposal that appropriately values CoreLogic,” the board said in last month’s statement.

In July, Cannae and Senator accused the housing-data company of increasing its share count and adopting a poison pill – or shareholder-rights plan – to dilute their holdings to 9.9% and essentially freeze the position of the two investors.

In its letter on Friday, Cannae, a holding company based in Las Vegas and Senator, a hedge fund manager based in New York, said they are open to increasing their offer “if allowed targeted diligence that supports a higher value.”

The companies also excoriated CoreLogic’s board for what it said was a “decade of underperformance” before ending the letter with: “We have tried to engage constructively with CoreLogic’s Board, and we still hope they will engage with us.”

Leave a comment

Most Popular Articles

The housing market faced uncertainty in March, but now ‘it’s a circus’

The housing market faced a lot of uncertainty when COVID-19 caused the real estate industry to pause under shut-downs, but low interest rates and the desire for more space have turned this year into a boom time for real estate agents.

Oct 21, 2020 By

Latest Articles

The housing bubble boys blew it in 2020

The NAR existing home sales report released today blew out all estimates with 6,540,000 in existing home sales. This epic headline punctured any 2020 bubbles the housing bubble boys had left in their arsenal. But before we get too excited, keep in mind we are still down 0.2% year to date compared to 2019 levels. Still, this seems like a booming housing market, right?

Oct 22, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please