A PYMNTS Company

CoStar Sweetens Offer For CoreLogic

 |  March 1, 2021

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.