CoreLogic Inc. announced that its Board of Directors has unanimously rejected the unsolicited proposal from Senator Investment Group LP and Cannae Holdings Inc., received on June 26, 2020, to acquire all outstanding common shares of CoreLogic for $65.00 per share in cash. After a careful and thorough review, conducted in consultation with its independent financial and legal advisors, CoreLogic’s Board of Directors unanimously concluded that the unsolicited proposal significantly undervalues the company, raises serious regulatory concerns and is not in the best interests of its shareholders.
An investor presentation can be found at investor.corelogic.com.
Paul Folino, chairman of the Board, said, “Our Board is open to all viable paths to increasing shareholder value, and we are willing to meet with Senator and Cannae, but given CoreLogic’s strong momentum, increasing margins, accelerating growth and multi-faceted value-creation model, we are unanimous in our belief that CoreLogic will be able to deliver significantly more value to shareholders than this opportunistic proposal. The proposal also fails to address the serious regulatory concerns raised by significant overlaps between CoreLogic and the network of companies associated with Cannae’s Chairman, including Black Knight and Fidelity National.”
“We are seeing the benefits of our strategic realignment, with significant new business wins and continued growth in market share, revenues, free cash flow and EPS in 2020 driven by growth in the core mortgage and insurance and spatial businesses. CoreLogic today is far more than a play on U.S. mortgage volumes, and our materially increased full-year 2020 financial guidance and new 2021 and 2022 guidance underscore the Board’s confidence that our strategy is working. In addition, we have increased CoreLogic’s share repurchase authorization to $1 billion, demonstrating our confidence in the company’s prospects, as well as our ongoing commitment to returning capital to shareholders.”
Strong Financial Performance Expected in 2020, 2021 and 2022
CoreLogic expects full-year 2020 financial results to materially exceed previously issued revenue, EBITDA and EPS guidance ranges, driven principally by continued market share gains and operating leverage.
For more information, please visit www.corelogic.com.
