Property data and analytics company CoreLogic on Tuesday rejected an unsolicited $7 billion takeover offer, saying it expected to earn more this year and would buy back more of its stock.
Investment groups Cannae Holdings Inc and Senator Investment Group last month proposed to buy the company, valued at $5.3 billion, for $65 a share. At the time, the offer represented a 37% price premium, but CoreLogic’s shares have climbed and were trading at $68.51 on Tuesday, meaning the offer price no longer carries a premium.
CoreLogic’s board “unanimiously rejected the unsolicited proposal,” board chairman Paul Folino said in a statement.
Full Content: New York Times