Determines Proposal Continues to Significantly Undervalue CoreLogic
CoreLogic Inc. (NYSE: CLGX) today announced that its Board of Directors has unanimously rejected the revised unsolicited proposal from Senator Investment Group LP and Cannae Holdings Inc., received on September 14, 2020, to acquire all outstanding common shares of CoreLogic for $66.00 per share in cash.
After a careful review, conducted in consultation with its independent financial and legal advisors, CoreLogic’s Board of Directors unanimously concluded that the revised proposal continues to significantly undervalue CoreLogic, raises serious regulatory concerns that have not been addressed, and is not in the best interests of shareholders.
The revised proposal of $66.00 per share reflects a $1.00 per share price increase and is otherwise unchanged from the prior proposal. Further, based on our current 2020 adjusted EBITDA guidance, the proposal of $66.00 per share is essentially in line with the Company’s forward multiple of approximately 11.3x just