CoStar Group boosted its offer to acquire CoreLogic to about US$97 a share including a cash portion in the latest twist in a bidding war for the real estate data company, reported Reuters.
The latest offer represents a US$17-a-share improvement over CoreLogic’s recent agreement with funds managed by Stone Point Capital and Insight Partners, and is equivalent to more than US$1.25 billion in aggregate value, CoStar said in a statement Monday, March 1.
CoreLogic shareholders would receive US$6 a share in cash and 0.1019 shares of CoStar stock in exchange for each of their shares.
“CoStar Group is committed to moving forward with such a transaction,” CoStar Chief Executive Officer Andrew Florance wrote in a letter to CoreLogic’s board. “We expect the CoreLogic board to deem this proposal to be a ‘superior proposal’ within 48 hours.”
CoreLogic has a regional operations hub with hundreds of employees in Dallas’ Cypress Waters, a massive US$3.5 billion corporate-anchored magnet.
CoStar also agreed to an antitrust covenant that would make it take all actions to obtain approvals up to a material adverse effect on the combined company.
“We understand that certainty of closing is a key concern for the CoreLogic board,” Florance said.
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