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CoreLogic stands by rejection of $7 billion takeover bid

Company says the current bid does not “deliver appropriate value” to CoreLogic’s shareholders

Property data and analytics company CoreLogic said Tuesday night that it is still not willing to accept a $7 billion unsolicited takeover bid from investors Senator Investment Group LP and Cannae Holdings Inc.

The Irvine, Calif.,-based company says it met with representatives from both firms on Tuesday. Senator and Cannae had previously said they had attempted to meet with CoreLogic to no avail.

On Tuesday night, after the meeting, CoreLogic said it is open to continuing its dialogue with suitors. However, it added that the firms had not revised their proposal, which CoreLogic said “significantly undervalued” the company. The current bid, it maintained, does not “deliver appropriate value” to CoreLogic’s shareholders.

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.  That amounted to about $7 billion.

On July 7, CoreLogic initially rejected the bid, calling it an opportunistic proposal.

Cannae and Senator did not take too kindly to CoreLogic’s rejection, issuing a statement of their own that day, claiming that the company had rejected their proposal “without any sign of seriously considering it.” For more details on that, check out our story here.

CoreLogic has a market cap of $5.4 billion. In April, the company reported increased first-quarter revenue of $444 million while net income from continuing operations was also higher, at $34 million. It also recorded adjusted EBITDA of $130 million, which was up 33%, compared to $98 million in the 2019 first quarter.

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