The acquisition battle over CoreLogic continues. In early February, CoreLogic entered into an agreement to be acquired by private equity firm Stone Point Capital and Insight Partners. The company agreed to an all-cash bid of $80 per share (about $6 billion) from the firms, rejecting a competing all-stock offer from CoStar Group Inc., which recently acquired Homesnap for $250 million.
However, CoStar then increased its bid to about $96 per share ($6.9 billion)—a 17% premium to CoreLogic’s share price prior to CoStar’s offer. CoreLogic confirmed the receipt of the “unsolicited acquisition proposal.”
CoreLogic has stated the merger agreement with Stone Point Capital and Insight Partners “remains in full force and effect, and the Board of Directors of CoreLogic has not withdrawn or modified its recommendation that the stockholders of CoreLogic vote in favor of the approval of the merger, the merger agreement and the transactions contemplated thereby.”
In 2020, CoreLogic profits were strong, reporting $1.17 billion in revenue for the first nine months of the year. CoStar recently reported its 2020 revenue, which showed an increase of 19% year-over-year to $1.4 billion.
According to the Wall Street Journal, an acquisition by CoStar could signal competition for Zillow Group, with a “fight for control of CoreLogic” a sign that there is a lot of investor interest in business tied to the housing market.
This is a developing story. Stay tuned to RISMedia for updates.
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to email@example.com.