The board of directors of property data and analytics company CoreLogic announced Sunday a special shareholders’ meeting to be held on Nov. 17 to address the continued $7 billion takeover attempt by two of its investors.
On June 26, Cannae and Senator — who jointly own or have an economic interest equivalent to approximately 15% of CoreLogic’s outstanding common stock — offered to buy CoreLogic for $65 per share in cash. CoreLogic rejected the bid, calling it an “opportunistic proposal” that “significantly undervalued” the company. The investors then threatened to replace CoreLogic’s board, and CoreLogic issued another rejection of the bid.
On July 29, the two firms issued an open letter to fellow shareholders announcing that they had initiated a process to call a special meeting of shareholders to elect nine “independent and highly accomplished directors” to the CoreLogic board of directors. Their goal is to replace the majority of the board with “nominees who will act in best interests of shareholders” who have no affiliation or association with Senator, Cannae, or any of their affiliates.
Over the weekend, CoreLogic said the purpose of the Nov. 17 special meeting is to consider and vote on the replacement of up to nine of its directors with nominees identified by Senator and Cannae.
In a statement, Chairman Paul Folino said the company has scheduled the meeting “so that Senator and Cannae will have no reason to continue the convoluted two-step solicitation process they are now pursuing.”
He went on to point to recent massive M&As (such as BlackKnight’s $1.8 billion upcoming buy of Optimal Blue and Intercontinental Exchange’s planned $11 billion acquisition of Ellie Mae) in the industry as further evidence that the investors’ bid “significantly undervalues” the company.