CoStar Group said it is proposing to buy CoreLogic for about US$6.9 billion, as it tries to compete against an agreement by two private-equity firms to buy the real-estate data provider for roughly US$6 billion in cash.
The proposed acquisition, at roughly US$95.76 a share, reflects a premium of 16.8% over CoreLogic’s closing price Friday, February 12. A deal would combine CoreLogic, one of the largest residential real-estate data companies, with CoStar, among the biggest providers of commercial real-estate information and analytics.
Stone Point Capital and Insight Partners earlier this month agreed to buy the company for US$80 a share, and The Wall Street Journal reported that CoStar was considering options including a new bid. CoStar on Tuesday stated that it has made multiple acquisition proposals to CoreLogic since October.
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