Cannae and Senator will have to improve their bid to see the financials CoreLogic insists
The attempted $7 billion takeover bid of property data and analytics company CoreLogic (NASDAQ: CLGX) by two of its major investors is getting more hostile by the day.
On Monday morning, Irvine, Calif.-based CoreLogic publicly refused to open its books to Senator Investment Group LP and Cannae Holdings Inc. The declaration was in response to the firms’ request for due diligence.
In a written statement, the company said its board “will not provide non-public information to Senator and Cannae unless they first raise their offer to a level that provides appropriate value to our shareholders — reflecting our strong multi-year outlook recently disclosed to all shareholders.”
“We are confident Cannae’s multiple, existing positions in large real estate data, technology and services companies enable it and Senator to evaluate our detailed publicly available information to update and refine their views of CoreLogic’s value if they so choose,” CoreLogic added. “We will provide further information to the market with our second-quarter earnings.”
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.
On July 7, CoreLogic initially rejected the bid, calling it an opportunistic proposal that significantly undervalued the company.
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.
Then on July 15, CoreLogic said that it was still not willing to accept the unsolicited takeover bid.
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.