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.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI