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CoreLogic to Hold Takeover Talks with CoStar, Warburg

CoStar, Warburg Pincus and GTCR are offering more than the $66 per share CoreLogic previously got offered by its shareholders.

(Bloomberg)—CoreLogic Inc. is in discussions with CoStar Group Inc. and a consortium consisting of Warburg Pincus and GTCR about a potential takeover, valuing the company at more than $80 a share, according to a person familiar with the matter.

CoStar and the private equity firms are offering more than the $66 per share that has been offered by two of the software company’s shareholders, Cannae Holdings Inc. and Senator Investment Group.

There is no formal auction but talks between CoreLogic and the private equity group and CoStar are ongoing, the person said, asking not to be identified because the matter is private. There is no guarantee a deal can be reached, the person said.

“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 statement.

A representative for CoStar wasn’t immediately available for comment. Representatives for Warburg Pincus, GTCR, Cannae and Senator declined to comment.

CoreLogic rose 14% to $77.81 at 11:01 a.m. in New York on Wednesday, giving the provider of real estate data a market value of $6.2 billion.

In June, Bill Foley’s Canne and Senator made a proposal to acquire CoreLogic for roughly $7 billion, including debt. The company rebuffed the proposal, arguing it undervalued the company.

The investors have since called on the company to launch a sales process, and are seeking to replace nine directors at a meeting slated for Nov. 17.

© 2020 Bloomberg L.P.

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