CoreLogic Confirms Receipt of Revised Acquisition Proposal From CoStar
CoreLogic, a leading global property data and analytics-driven solutions provider, confirmed that it received a revised proposal from CoStar Group, Inc. to acquire CoreLogic. Under the terms of the revised proposal, CoreLogic shareholders would receive $6.00 per share in cash and 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock.
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On February 4, CoreLogic’s Board of Directors unanimously approved a definitive merger agreement under which funds managed by Stone Point Capital and Insight Partners agreed to acquire all outstanding shares of CoreLogic for $80 per share in cash. The merger agreement remains in full force and effect, and the Board of Directors of CoreLogic has not withdrawn or modified its recommendation that the stockholders of CoreLogic’s vote in favor of the approval of the merger, the merger agreement and the transactions contemplated thereby.
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CoreLogic’s Board of Directors, consistent with its fiduciary duties and the terms of the merger agreement, will carefully review the proposal in consultation with its outside legal counsel and financial advisors. CoreLogic’s shareholders need take no action at this time.
Evercore is serving as financial advisor to CoreLogic and Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Company’s legal advisor.