CoreLogic confirms it is entertaining offers to sell at or above $80 per share

Company has been fighting a takeover bid from Cannae and Senator Investment Group at $65 per share

After months of fending off an unsolicited takeover bid by two of its significant investors, CoreLogic today confirmed that it is looking for a buyer.

“In light of recent market speculation, CoreLogic today confirmed it is engaging with third parties indicating preliminary interest based on public information in the potential acquisition of the Company at a value at or above $80 per share,” the company said in a press release Wednesday.

“No decision has been made to enter into a transaction at this time, and the Company can offer no assurance that it will enter into any transaction in the future or, if entered into, what the terms of any such transaction would be. The Company does not intend to comment further on market speculation or disclose further developments unless and until it deems further disclosure to be appropriate or required.”

CNBC reported on Wednesday that multiple parties were interested in pursuing a deal with CoreLogic, and that these include private equity firms. CNBC also cited a source that said CoreLogic “has already signed a non-disclosure agreement with at least one potential buyer.”

The company has been fighting a public battle with Cannae Holdings and Senator Investment Group, who jointly own or have an economic interest equivalent to approximately 15% of CoreLogic’s outstanding common stock, since June, when the two investors sent a letter to the CoreLogic Board of Directors with an all-cash proposal for $65 a share.

Cannae is led by Bill Foley, the chairman of Black Knight, a data and analytics company that directly competes with CoreLogic. Foley also served as CEO of Fidelity National Financial from 1984 to 2007, as well as the executive chairman of Fidelity National Information Services, or FIS, from 2006 to 2011. 

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CoreLogic rejected the bid in July as an “opportunistic proposal” and provided higher 2021 and 2022 financial guidance, while increasing share reauthorization to $1 billion. The company also said it expected its 2020 financial results “to materially exceed previously issued revenue, EBITDA and EPS guidance ranges, driven principally by continued market share gains and operating leverage.”

Canne and Senator claimed CoreLogic was employing a “poison pill” strategy and said they would call for a special meeting to replace CoreLogic’s board of directors unless the company engaged with them about the bid.

Under pressure, CoreLogic’s board called for a special shareholders meeting on Nov. 17 to vote on the board, saying it was looking to “remove uncertainty.” Both CoreLogic and the two investors have been lobbying shareholders leading up to the meeting.

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