CoreLogic rejects $7 billion offer from Cannae Holdings and Senator Investment LP
Property data and analytics company CoreLogic Inc on Tuesday rejected another $7 billion buyout offer, seeing it inadequate after meeting with the two bidders, investment firms Cannae Holdings Inc and Senator Investment Group LP.
Cannae and Senator, which both hold an economic interest of almost 15% in CoreLogic, had proposed to buy the company for $65 per share in cash. However, CoreLogic’s shares last traded at $67.06 on Tuesday, signaling that investors were bidding on a higher offer.
Other private equity firms are also interested in buying shares from CoreLogic, with the company considering some of the offers. However, the company has yet to receive a bid on par with Cannae and Senator, according to sources familiar with the matter.
The sources remained to be anonymous as the meeting was private.
Cannae and Senator declined to comment.
The two firms said that they might hold a special shareholder meeting on or before July 28 to replace CoreLogic’s board, should there be no progress made.